Regions Financial Corporation’s $400 Million Preferred Stock Offering

Cleary Gottlieb Steen & Hamilton LLP represented the underwriters in the offering.

Regions Financial Corporation executed a $400 million SEC-registered offering of 16,000,000 Depositary Shares, each representing 1/40th interest in a share of 4.45% Non-Cumulative Perpetual Preferred Stock, Series E ($1,000 liquidation preference per share), issued. The offering priced on April 27, 2021, and settled on May 4, 2021.

 

Morgan Stanley, BofA Securities, Goldman Sachs, J.P. Morgan Securities, RBC Capital Markets and Regions Securities acted as underwriters for the offering.

 

Regions Financial is a full-service provider of consumer and commercial banking, wealth management, and mortgage products and services. It is a member of the S&P 500 Index and has $147 billion in assets.  Regions Financial Corporation and Regions Bank operate across the South, Midwest, and Texas.

 

The Cleary corporate team for the underwriters included partner David Lopez (Picture), senior attorney Elizabeth Chang, associate Daniel Oquendo and law clerk Nicholas Koeppen. Partner Hugh Conroy, senior attorney Patrick Fuller and associate Gabriella Okafor advised on bank regulatory issues. Counsel Jonathan Gifford and associates Michael Eis and Samuel Kramer advised on tax matters. Counsel Mary Alcock advised on employee benefits issues.

Involved fees earner: Mary Alcock – Cleary Gottlieb Steen & Hamilton; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Hugh Conroy Jr. – Cleary Gottlieb Steen & Hamilton; Michael Eis – Cleary Gottlieb Steen & Hamilton; Patrick Fuller – Cleary Gottlieb Steen & Hamilton; Jonathan Gifford – Cleary Gottlieb Steen & Hamilton; David Lopez – Cleary Gottlieb Steen & Hamilton; Gabriella Okafo – Cleary Gottlieb Steen & Hamilton; Daniel Oquendo – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Bank of America Securities; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Morgan Stanley; RBC Capital Markets; Regions Securities LLC;

Author: Martina Bellini