Regions Financial Corporation (NYSE:RF) is a major provider of jobs and economic support in the state of Alabama. In 2012 alone Regions Financial Corporation contributed around $3.3 billion to the economy in Alabama and employed 22000 people directly or indirectly. A study conducted by Tripp Umbach which is a leading economic researcher too into account the scale impacts that Regions Financial has had to the local Alabama Economy.
Speaking for his company, John Turner who is the south regional president for Regions Bank said that Regions was a significant contributor in the economy being the largest bank in the area and the only company to be in the fortune 500 that has its headquarters in the state of Alabama. He also said that the company was doing its part in giving back to the economy and by encouraging sustainable economic plans by creating high quality jobs, encouraging and helping local businesses and lending money to businesses and consumers alike.
Some of the key findings of the report include a significant contribution of $3.3 billion through day to day operations, more than $3.7 billion added to the economy through loans across 67 counties in the state of Alabama. Pay and benefits that Regions has provided to its associates is usually higher than the state average pay by 36%. It helped generate more than 100 million in state and local taxes and the revenue from it. Regions Financial Corporation has also been a part of doing charity work which includes corporate contributions, donations by associates and volunteering services.
Carrie Kennedy who is the principal researcher at Tripp Umbach said that without the presence of Regions Financial Corporation in the state of Alabama the economy would struggle to keep itself afloat.
