Regions Financial’s Preferred Stock Offering

May 4, 2021

Cleary Gottlieb represented a syndicate led by Morgan Stanley & Co. LLC, BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC, and Regions Securities LLC, as underwriters, in a $400 million SEC-registered offering of 16 million depositary shares, each representing 1/40th interest in a share of 4.45% noncumulative perpetual preferred stock, Series E ($1,000 liquidation preference per share), issued by Regions Financial Corporation (Regions Financial).

The offering priced on April 27, 2021, and settled on May 4, 2021.

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 and Regions Bank operate across the South, Midwest, and Texas.