DOW JONES NEWSWIRES
Regions Financial Corp. (RF) will continue to participate in a Federal Deposit Insurance Corp. program that expands guarantees for certain accounts through June 30.
The voluntary Transaction Account Guarantee portion of the FDIC's Temporary Liquidity Guarantee Program fully guarantees noninterest-bearing transaction accounts, qualified NOW checking accounts paying less than 0.5% and Interest on Lawyers Trust Accounts for an unlimited amount. Coverage under the TAG program is in addition to that available under the FDIC's general deposit insurance protection.
The program "provides additional peace of mind for consumers and businesses," said Chief Operating Officer Grayson Hall.
Last month, the regional bank posted a third-quarter loss, although it had fewer new delinquent loans. Total nonperforming loans grew, as did charge-offs, or loans it doesn't expect to collect.
Regions' shares rose 0.8%, to $4.82 in after-hours trading. The stock has lost more than half its value in the past year.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com