» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
TDN Services
Research millions of people and properties [+]
Monitor any person, property or company [+]

Skip Navigation LinksHome >
VOL. 127 | NO. 165 | Thursday, August 23, 2012

Prosecutor Probes Ties Between Regions Financial and Fiderion

AP

Print | Front Page | Email this story | Comments ()

A federal prosecutor has opened an inquiry into business ties between Regions Financial Corp. and Fiderion Group LLC.

Regions is the second largest bank in Memphis and the third largest bank in metropolitan Knoxville based on deposit share, according to the Federal Deposit Insurance Corp.

U.S. Attorney Joyce White Vance asked the Birmingham bank to report about gifts, trips or vacations provided by Atlanta-based Fiderion and its CEO, James Norton III, press reports say. Vance, who is located in Birmingham, also asked the bank for details about loans made to the Atlanta firm.

Fiderion reportedly sponsored golf outings for Regions executives between 2002 and 2008. The firm also borrowed $1.9 million from Regions in 2009. Memphis companies are key pieces of Regions. Regions acquired Morgan Keegan & Co. in 2001 and Union Planters National Bank in 2004.

In 2006, Regions acquired Birmingham-based AmSouth Bank, which had earlier retained Fiderion. The Atlanta firm is an executive recruiter that reported its business increased after the AmSouth-Regions merger.

Following the merger, AmSouth's C. Dowd Ritter became Regions CEO. He was succeeded by Grayson Hall, the present CEO, who had been an AmSouth senior vice president.

Until then, senior executives in both Memphis institutions had prominent roles in Regions.

Allen Morgan, a Morgan Keegan founder, served as vice chairman into 2008.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
FORECLOSURE NOTICES 6 6 196
BUILDING PERMITS 117 117 3,173
BANKRUPTCIES 42 42 795
BUSINESS LICENSES 2 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0