AmSouth Bank corporation, also known as AmSouth Bank, was headquartered in Birmingham, Alabama. It has stopped operations since 4th November 2006. The CEO of this bank holding organization was C. Dowd Ritter and in 2004 it had employed approximately 12,000 employees.
AmSouth Bank – History:
AmSouth was inaugurated in 1872 by Charles Linn. It was named the First National Bank of Birmingham to start with.
The bank doubled its presence in 2000 after purchasing First American National Bank, based in Nashville Tennessee. This deal helped AmSouth to expand its business in Kentucky, Mississippi, Virginia and Tennessee. This was one of the few incidents where a bank bought another one, which was bigger than itself. AmSouth Bank also got the Deposit Guaranty Bank, which at that time was part of the First American, as a part of the said agreement.
The bank focused primarily on wealth management products and services and was especially famous for the low risk accounts in the Birmingham area. When it merged with the First American bank, AmSouth was able to serve the former clients in Nashville, Tennessee.
AmSouth Bank – Profile:
AmSouth operated in several segments when it was active:
- Consumer banking
- Equipment leasing
- Commercial banking
- Mutual fund and annuity sales
- Small business banking
- Investment and trust management services
- Mortgage lending
In addition to Birmingham, Alabama AmSouth Bank also provided banking services across Tennessee, Louisiana, Florida, Georgia and Mississippi.
AmSouth Bank – Merger with Regions Financial Corporation:
AmSouth Bank announced on 25th May 2006 that it will merge with the Birmingham based Regions Financial Corporation. The deal was valued at 10 million dollars. The acquisition was completed on 4th November 2006. On 13th July 2007 all of its branches in Alabama, Georgia and Florida were either terminated or changed to Regions.
On 26th October 2007 the branches of AmSouth, in the remaining states, were also changed or closed down. The branches at Northwest Georgia were changed on 6th December 2007, which officially brought the curtains down on the AmSouth name.
Last Updated on : 23rd June 2015