The Real Deal Miami

Florida loans help spur Regions offering

May 21, 2009 01:16PM

Birmingham-headquartered Regions Financial Corp. will issue more shares and raise up to $1.25 billion in new capital. It will also sell off some businesses and reorganize itself to meet federal banking requirements. Regions has 78 branches in Florida with $3.9 billion in deposits. Its Florida mortgage loan portfolio is valued at $5.85 billion in home equity mortgages and $984 million in homebuilder loans, which account for a higher share of defaults and delinquencies than other loans.