Bank Independent to Acquire Regions Bank’s ARM and Billing Unit

BIRMINGHAM, Ala. – Regions Financial Corporation (NYSE: RF) and Bank Independent, a privately held community bank headquartered in Sheffield, Ala., jointly announced today that Regions Bank and Bank Independent have signed a definitive agreement for Bank Independent to acquire Regions Interstate Billing Service, Inc., a wholly owned subsidiary of Regions Bank.

Regions Interstate Billing Service, Inc. is a leading provider of accounts receivable management services to approximately 360 client locations in 31 states. With headquarters in Decatur, Ala., the company offers accounts receivable purchasing and billing services to clients that serve commercial customers. After the acquisition is complete, the company will be known as Interstate Billing Service, Inc. and will be a wholly owned subsidiary of Bank Independent. The company will remain headquartered in Decatur, Ala.

Macke B. Mauldin, president of Bank Independent, said, “Interstate Billing Service will be an excellent addition to our business model and will enhance our commitment to fulfill the credit needs of small businesses. This acquisition will allow Bank Independent to provide additional services to our businesses in North Alabama and also extend our reach to new customers. We look forward to welcoming the 84 professional billing employees to our Bank Independent Team.”

Tim Laney, senior executive vice president and head of Regions’ Business Services Group, said, “We are pleased to reach a definitive agreement with Bank Independent. While Regions Interstate Billing Service has been a good business for Regions, this sale is in line with our strategic plan to focus on our core banking businesses.”

The transaction is expected to close in the third quarter of 2009, subject to regulatory approval. Terms of the agreement are not disclosed. Morgan Keegan & Company, Inc. represented Regions Bank as financial advisor on the sale while Austin Associates, LLC represented Bank Independent.

About Regions Financial Corporation
Regions Financial Corporation, with $142 billion in assets, is a member of the S&P 100 Index and one of the nation’s largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company, Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.

About Bank Independent
Bank Independent, founded in 1947, is a locally owned community bank headquartered in Sheffield, Ala. With assets approaching $1 billion, Bank Independent serves its customers through 29 banking offices in 17 communities in six counties of North Alabama and is committed to providing its customers with the most convenient and innovative financial services available.  These services include personal and business banking products as well as internet banking. Additional information about Bank Independent and its full line of products and services can be found at www.bibank.com