Regions to buy AmSouth for nearly $10 bln (Bank Merger)

[NashVegas]

Regions Financial Corp (RF.N: Quote, Profile, Research) said on Thursday it agreed to acquire rival Alabama-based bank AmSouth Bancorp (ASO.N: Quote, Profile, Research) for nearly $10 billion, pricing the deal at a discount to AmSouth's closing share price.

Billed as a merger between two Birmingham, Alabama, banks sharing the same ZIP code, the transaction would create a top 10 U.S. bank that can better compete against bigger rivals.

...

The combined bank, which will retain the Regions name, will have a market value of about $26 billion, $140 billion in assets and 2,000 branches in 16 U.S. southeast states from Texas to Florida.

http://today.reuters.com/news/NewsArticle.aspx?type=businessNews&storyID=2006-05-25T120459Z_01_WEN8341_RTRUKOC_0_US-FINANCIAL-AMSOUTH-REGIONS.xml&WTmodLoc=NewsArt-L3-Business+NewsNews-3

[Hosnon]

1. So is anybody monitoring the threat of monopoly with all these mergers? nt

[ixion]

2. crap

I have a business account with AmSouth... no telling what sort of weirdness will happen now. :-(

[The2ndWheel]

3. Then after the next merger of two of the top 10 banks

"the transaction would create a top 10 U.S. bank that can better compete against bigger rivals."

Two more will have to merge to compete, then another two, then another two, etc. It's like cell division in reverse. Soon, we end up with one giant one cell organism.

[Orrin_73]

4. LOL, I needed a good laugh

thank you. :yourock:

[soup]

5. and it shall be known as 'BankMart'

clean up in aisle 3 - soup is overdrawn again...