Regions Financial Corporation (NYSE:RF) to fund community development programs
Regions Financial Corporation (NYSE:RF) with its financial operations in regions throughout the South, Mid West and Texas had recently received the Bank Enterprise Award for an amount of $126,000 from the Community Development Financial Institutions Fund of the Treasury Department of the United States. The Birmingham based bank had opted to transfer this award amount to variety of nonprofit organizations operating in the regions where the bank’s operations are presently located. The probable recipients who looked out to utilize the award money were asked to submit proposals following which 125 recipients were chosen after scrutiny.
The Bank enterprise award received by Regions Financial Corporation (NYSE:RF) would thereby be used for supporting the programs related to financial education among low income and economically weaker sections of the population in the regions. Further Regions Financial Corporation (NYSE:RF) had also planned to allocate $26,000 separately for the community development partner, Jobs for Mississippi Graduates. This organization operates programs for the financial education of the young generation in rural areas of the state.
Further, the organization also works towards preventing school drop outs and further operates programs related to school – to – work transition of candidates. Further, Regions Financial Corporation (NYSE:RF) had announced to award $25000 to the Jackson Medical Mall Foundation which would work in partnership with the bank to improve financial literacy and standard of living of people in the region covered by the program.
Another major bank holding company, First Horizon National Corporation (NYSE:FHN)had planned to launch its new wealth management business named FTB Advisors through which the company plans to offer high level investment expertise to its customers in addition to the traditional banking services provided by the First Tennessee Bank National Association. Through this new venture, the bank holding company forecasts better growth potential by attracting new customers and developing new and strong relationships with existing and new customers related to the wealth management services. This new entry by First Horizon National Corporation (NYSE:FHN) into the field of wealth management sends positive signals to the investors in the bank holding company.