Regions bank CEO John Turner only AL based CEO of “Diversity and Inclusion” program with mandated unconscious bias training
Regions Bank, locally headquartered in Alabama, joins the increasing efforts of banks across the nation to incorporate greater diversity and inclusion measures within the workplace. Taleisha (Nikki) Ming-White, the organizational and leadership development administrator for Regions Bank’s Learning and Development team, has led many social justice efforts. In October of 2020, she joined a diversity and inclusion fellowship hosted by CEO Action for Diversity & Inclusion, or CEO Action. Established in 2017, CEO Action consists of 1,300-plus CEOs campaigning to advance diversity and inclusion in the workplace. Beginning in October 2020, the group launched a fellowship program, attracting individuals from a plethora of industries and fields to craft policy designed to combat racism and achieve greater levels of social justice. Based on Regions Bank’s newfound membership of the CEO Action coalition, the bank was selected to participate in the newfound fellowship program. Notably, Ming-White was also afforded the opportunity to represent Regions for a maximum of two years with the CEO Action for Racial Equity fellowship program. Within the past several years, Ming-White has made it a goal to incorporate diversity measures by creating diversity and inclusion training materials, collaborating with colleagues in Human Resources to incorporate diversity measures in the hiring process, and streamlining the bank’s diversity tracking and reporting system. She also currently serves as co-chair for the Junior League of Birmingham’s Diversity, Equity, and Inclusion Taskforce. John M. Turner, Jr., CEO of Regions Bank, additionally made a point to sign the CEO Action’s official CEO Pledge, which vows to increase the equity of all, namely Blacks, Latinos, Asians, Native Americans, LGBTQ, disabled, veterans, and women. The pledge, which 2,000 CEOs have already supported, commences in an apologetic claim that business leaders just aren’t doing enough. It then delves into 4 separate commitments, with one of them advocating for an expansion of re-education policies to guarantee free “unconscious bias education modules.” The pledge concludes by voicing the need for greater enforcement mechanisms for the group’s agenda as it states, “We also pledge to create accountability systems within our companies to track our own progress and to share regular updates with each other in order to catalog effective programs and measurement practices.” The CEO Action for Diversity & Inclusion’s website states, “Simply put, organizations with diverse teams perform better.”
Regions Bank loses $31,550 to PAC fraud
Regions Bank was the victim of a fraud that took $31,550 from a political action committee account, according to an Al.com report. The account is funded by contributions from Regions employees. The fraud was committed in November, and so far no arrests have been made. Jeremy D. King, a spokesman for Regions Bank, stated, “We believe the fraud was committed externally after a fraudster, or fraudsters, counterfeited PAC checks to make them appear to be legitimate,” King said. “Once this was detected, we immediately took steps to safeguard the checking account to prevent any additional counterfeit checks from being cashed. The investigation into the matter is still open.” The account is funded by contributions from Regions employees “to advance public policy that benefits our customers, communities, associates, and shareholders,” King said. Just like any other customer who is the victim of fraud, Regions Bank replenished the money for the PAC account. The money stolen came from nine checks drawn on the account sometime in November and were cashed in several different states. At the end of December 2020, the PAC had raised $1,282,863 and spent $1,181,360. A total of $818,750 was contributed to federal candidates.
Regions Bank to acquire Texas-based lender focused on small businesses
Alabama’s largest bank is getting even bigger. On Thursday, Regions Bank announced it is acquiring Ascentium Capital, the largest independent equipment finance lender in the United States with approximately $2 billion in loans and leases as of year-end and originations of $1.5 billion in 2019. Headquartered in Kingwood, Texas, Ascentium Capital partners with nearly 4,000 manufacturers, dealers and distributors to finance essential-use equipment for small business customers. Ascentium Capital offers comprehensive financing solutions through more than 460 employees. “Ascentium Capital’s experienced management team has built a strong company known for providing America’s small businesses access to the capital they need to grow, and we are excited to welcome them to Regions,” said Ronnie Smith, senior executive vice president and head of the Regions Corporate Banking Group. “Leveraging the technology, speed and convenience that Ascentium Capital is known for in combination with Regions’ broad spectrum of banking solutions provides a meaningful opportunity to attract new customers and deepen relationships across our combined customer base.” The addition of Ascentium Capital expands Regions’ current offerings for small business customers and complements the bank’s established equipment finance and commercial banking businesses serving middle market and large companies. The transaction provides Regions with a scalable, tech-enabled equipment finance organization with same-day credit decisions and funding for small business customers. Ascentium Capital’s seasoned management team combined with its proprietary underwriting technology platform has delivered strong performance throughout credit cycles since its inception. “We are pleased to join Regions, a firm known for its commitment to the customer experience and a long history of providing comprehensive banking solutions to companies of all sizes,” said Tom Depping, chief executive officer of Ascentium Capital. “This combination will enable us to expand our reach and relevance in serving our vendors and small business customers while continuing to provide seamless service.” The transaction is expected to close during the second quarter of 2020, subject to satisfaction of customary closing conditions. Terms of the deal have not been disclosed.
UAB’s $37.5 million state-of-the art Collat School of Business opens
The University of Alabama at Birmingham bridges collaboration, innovation and entrepreneurship with the opening of the $37.5 million state-of-the-art facility that will house the Collat School of Business and Bill L. Harbert Institute for Innovation and Entrepreneurship (HIIE). UAB’s Collat School of Business welcomed students Aug. 27. (Adam Pope/UAB/Alabama Newscenter) “This beautiful new building changes everything,” said Collat School of Business Dean Eric Jack. “This addition to UAB’s campus heralds a new era of leadership in business education that will help drive innovation at UAB and in Birmingham for many years to come.” The grand opening and ribbon-cutting ceremony took place Friday, Aug. 24, at 10 a.m. at 1201 University Blvd. Students began classes for the fall semester Monday, Aug. 27. The 108,000-square-foot building was designed with input from students and community business leaders so that every detail enhances the learning experience while preparing students to work in modern business environments. The facility features breakout rooms, an innovation lab, classrooms designed for team-based learning, a high-tech finance lab, sales role-playing rooms, a three-story atrium, an auditorium, a career center and quiet study spaces. “The generous gift from Charles and his late wife, Patsy, for our new Collat School of Business has already enabled us to build on our reputation as one of the premier business schools in the nation,” said UAB President Ray Watts. “The Collats have been actively engaged with our School of Business and contributed to its success for nearly three decades, and their outstanding example of philanthropy underscores the power of partnership to advance all areas of UAB’s mission. This is a transformational moment for the Collat School of Business and our university, and we look forward to the tremendous impact this facility will have for years to come – providing exceptional opportunities for tomorrow’s business leaders and entrepreneurs and helping to grow a robust innovation-based economy for Birmingham and Alabama.” Located along the north side of University Boulevard between 12th and 13th streets south, the building will offer a modern learning environment and the technology infrastructure expected to competitively recruit the next generation of business leaders, as well as top faculty and staff dedicated to educating them. Open seating areas throughout the building promote collaboration and a sense of community, affiliation and connection to UAB while furthering innovation and entrepreneurship opportunities. “Locating the HIIE in the new Collat School of Business Building creates a hub for innovation and entrepreneurship right in the heart of campus that serves students, faculty and also the wider Birmingham innovation community,” said Kathy Nugent, Ph.D., associate vice president and executive director of the Bill L. Harbert Institute of Innovation and Entrepreneurship. “The new space supports our commitment to leveraging UAB’s powerful research engine to transfer discoveries into products that positively impact quality of life and highlights our goal to generate a pipeline of companies that promote economic development within the region.” The facility houses administrative and student function space for the Collat School of Business and HIIE, as well as the Center for Sales Leadership, the Nielsen Innovation Lab, the Healthcare Leadership Academy and the Regions Institute for Financial Education. The co-location of these cross-discipline entities will foster increased collaboration and create a bridge between undergraduate and graduate students and the marketplace. “We also want to thank our incredible business community, alumni, faculty, staff and students,” Jack said. “We would not have this incredible new learning facility without their generous support.” Gifts given by local businesses such as the Joy and Bill Harbert Foundation, Medical Properties Trust, Regions Bank and Kassouf & Co. exemplify the support of the community in furthering this project, which is the cornerstone of efforts to expand technology commercialization to attain positive impacts on economic development for the community, state and beyond. From an exterior perspective, the overall architecture of the building is in keeping with the recently completed Hill Student Center and soon-to-be completed School of Nursing, featuring a combination of traditional building materials and contemporary building elements. The building is four stories in total, with a primarily traditional brick enclosure and conventional windows on the western and eastern elevations, while the northern and southern elevations are primarily glass storefront. Robert A.M. Stern Architects of New York City and Williams Blackstock Architects of Birmingham designed the building so that all 100-plus offices have a window that is exposed to natural light from the exterior of the building. This was accomplished by having full-height atriums, or light-wells, on the east and west ends of the building. The Coca-Cola UNITED Dining Alcove offers dining options for students, faculty and staff, including Jamba Juice and Sandella’s Flatbread. UAB’s student-run investment fund, the Green & Gold Fund, will be housed in the new Chad Thomas Hagwood Finance Lab. Blazer Pride Plaza, a large landscaped courtyard on the east side of the building, leads students to the main entrance of the Collat School of Business, while the main entrance to the HIIE will be on the northern side of the building. The auditorium in the basement of the building has a FEMA-rated storm shelter that can accommodate more than 200 people in the event of severe weather. Williams Blackstock and Robert A.M. Stern served as the architects of record on this project. Brasfield & Gorrie served as general contractor and self-performed all concrete work, including foundations, foundation walls and site hardscapes. Republished with the permission of the Alabama Newscenter.
BCA announces new governance structure, companies return
The Business Council of Alabama (BCA) on Wednesday announced a new plan to strengthen and improve the association’s governance structure. Several major corporations including Alabama Power, Blue Cross and Blue Shield of Alabama, and Regions Bank left the organization this summer siting problems with BCA’s leader Billy Canary. The BCA has stated in June that they would be replacing Canary. “The wholesale governance and leadership changes made today show what is possible when businesses come together with a common goal,” said CEO of Alabama Power Company, Mark Crosswhite in a press release. “While the hard work of moving this organization forward remains, I am pleased with this progress and look forward to working with businesses across our state for a stronger BCA and a better Alabama.” The BCA’s new structure consists of an executive committee made up of 11 individuals. According to the BCA, five committee members represent larger businesses, five represent smaller businesses, and one trustee represents the Alabama Self-Insured Worker’s Compensation Fund. The new executive committee elected today includes: Rey Almodovar, CEO, Intuitive Research and Technology Mark Crosswhite, CEO, Alabama Power Co. Perry Hand, Chairman, Volkert Inc. Denson Henry, Owner/Vice President, Henry Brick Co. Carl Jamison, Shareholder, JamisonMoneyFarmer PC Johnny Johns, Executive Chairman, Protective Life Corp. John Mazyck, Principal, The Frazer Lanier Co. Gary Smith, CEO, PowerSouth Energy Cooperative John Turner, CEO, Regions Bank Bobby Vaughan, Chairman of the Board, Alabama Self-Insured Worker’s Compensation Fund Tim Vines, CEO, Blue Cross and Blue Shield of Alabama “We are fortunate in Alabama to have a business community that understands the importance of providing strong leadership on matters that affect our state’s economic success,” Heather Brothers New, chairwoman of the Chamber of Commerce Association of Alabama said in a press release. “Individuals, families and communities can’t thrive if our state doesn’t provide an environment where businesses can thrive. Everyone in Alabama benefits from this effort to ensure a unified and effective BCA.”
BCA seeks to replace Billy Canary after several high-profile departures
The Business Council of Alabama says it’s looking for a new chief executive following a wave of high-profile departures. The Montgomery-based nonprofit issued a statement Thursday saying it will have a new leader to replace president and CEO Billy Canary no later than Jan. 1. The move comes after four of the state’s largest companies quit the organization, with some openly questioning its leadership. Alabama Power Co., Regions Bank, Blue Cross Blue Shield and PowerSouth Energy Cooperative all left the organization in recent days. The Montgomery Advertiser reports the moves came after the Business Council refused demands to remove Canary by Sept 1. Officials with the organization say they wanted an orderly transition to replace Canary, who’s run the business group since 2003. Republished with the permission of the Associated Press.
How a Birmingham man needed a team of bankers to save his marriage proposal
The plan percolated in Mark Adams’ head for weeks, months even. Scratch that. It actually began at his little sister’s wedding 18 months earlier, when he first met Maeve Johnson, a friend of the groom. The attraction between the two was instant. Now Adams was already contemplating wedding plans of his own. But before there could be a wedding, there had to be a proposal. He had the moment, a Friday evening after work trimming the Christmas tree. He had family on alert and friends scheduled to stop by and celebrate. And he had an engagement ring, snug and protected in a safe deposit box. Then it began to snow. “I’m at the office early on Friday, for just a little while, and it starts to snow,” Adams said. He brushed the initial flakes off because a dusting was expected throughout the state, including Birmingham. Then the snow continued. “It’s Alabama. Everything shuts down,” Adams said. “It hadn’t crossed my mind to take the ring out before because it was supposed to snow a quarter of an inch, then stop.” Worried that his dream date was falling apart, he headed to his bank branch to retrieve the ring. The bank was closed. “Now it’s snowing hard. I’m already nervous and stressed about the entire day. Now I’m hitting the panic button. I’d worked on this since Thanksgiving and didn’t think I could go another day.” Adams called Maggie Cornelius, Johnson’s sister and an attorney who had connections. She called two execs with Adams’ bank – Regions Bank Deputy General Counsel Jeff Lee and Marc Bromstad, part of the Mergers & Acquisitions team. Adams called Kate Danella, the head of Private Wealth Management at Regions. In return, they made calls, and up to a dozen people at Regions began figuring out how to salvage the young man’s big day. It meant someone would have to risk the elements. Leslie Nilges, the manager of the Crestline branch, was with her family in suburban Trussville when she got a call asking for her help. “There was no way I was going to tell his gentleman ‘no,’” she said. She left everyone behind, hopped in her car and began making a 45-minute, nerve-wracking commute not knowing what to expect in terms of road conditions. “I’m from the Midwest, so I’m used to driving in the snow. But that’s on treated roads,” Nilges said. “When I got on I-459 and saw a salt truck in the ditch, I was a little concerned.” Crestline is a hilly Birmingham neighborhood, on the spine of Red Mountain, and is accessed with hairpin turns and up-down streets like a paved roller coaster. She navigated slowly and defensively towards her destination. She still needed help. “We have to have two people to open the door, and there has to be a second person (from the bank) in the vault,” Nilges explained. “That’s operational procedure.” Lisa Law, senior vice president for Branch Support Services, was working nearby from home when she got an instant message from Denise Canfield, the head of Branch Support and Branch/ATM Delivery. “A customer needed our help at the Crestline Branch and I was asked if I could assist,” Law said. “I had no idea what the issue was but I made a call and offered to help. Once we learned it was an engagement ring, we all agreed we were going to make sure he got it. Really, it was just another day at Regions and another reason I love working with the people I do.” Nilges and Law were soon joined by Mike Jordan, a Private Wealth Management executive who was part of the original phone calls. “Lisa and Leslie were there for him, and it was a great outcome for the customer,” Jordan said. On the worst/best day of his life, Mark Adams had his ring. “I wanted to go across the street to the Pig (Piggly Wiggly) and get them a bottle of champagne to celebrate, but they wouldn’t let me,” Adams said. “This is what we do every day,” Nilges explained, “and that’s what makes it gratifying. Of course, it’s not every day that your heart’s beating a mile a minute and you’re racing through snow to help save someone’s day.” Back home, Adams launched his plan by lighting the tree before Johnson’s arrival to cut down on pregaming. They hung ornaments, then talked about Christmas and futures. Then Adams stopped and dropped to a knee, offered his heart and presented the ring. “I was shocked and thrilled when Mark proposed,” Johnson said. With a “yes” to seal the deal, Adams shared his snow day misadventure. “I can’t believe what he went through and the lengths that so many went to make this happen for us,” Johnson said. “I’m thankful to everyone for making this a day I’ll truly never forget.” A week later, Adams can laugh at what transpired. “It’s great how it all worked out, even better than scripted,” Adams said. “But I couldn’t have pulled it off without a lot of help and a lot of tough logistics. I’m grateful to Regions for making this happen, for letting me in and getting me on our way.” All in a day’s work, Nilges said. “We are here to make things happen,” she said. “We are dream makers, not dream crashers.” Republished with permission from the Alabama NewsCenter.
Alabama business roundup: Headlines from across state – 10/18/16 edition
Who’s purchased the low-income housing tax credit portion of Sterling Financial? Where’s there a funding boost for tech startups in the Yellowhammer State? Which gourmet hot dog chain is eyeing the state for its newest location? Answers to the these questions and more in today’s Alabama business roundup. Alabama News Center: Funding wave boosts Birmingham tech startup scene Entrepreneurs and innovators are getting noticed for their work in Birmingham, attracting millions of dollars in new investment for their technology-based startups. Recent months have brought at least three major funding announcements involving local firms: On-demand grocery delivery service Shipt announced during the summer that it had secured $20.1 million in Series A funding. Fleetio raised $750,000 from private investors, the fleet management software firm said earlier this month. Swell Fundraising, a software company that serves nonprofits, in August announced $500,000 in angel investor funding. Meanwhile, Daxko, a veteran of Birmingham’s tech scene, recently announced that San Francisco-based private equity firm GI Partners has acquired a majority stake in the company that will further accelerate its growth. Daxko provides software for health and wellness organizations. All the funding activity shows Birmingham has the right ingredients to fuel a thriving technology landscape and more growth is on the horizon, said Kathleen Hamrick, director of the UAB iLab at the downtown business incubator Innovation Depot. “The components people need to live, work, play and collaborate are here, in Birmingham,” she said. “That said, it’s exciting, but not all that surprising that we’re now seeing increased support for startups — evidenced by activity such as that of the recent funding rounds seen with Fleetio, Swell Fundraising, Shipt and Daxko.” Read more here. AL.com: Regions Bank buys low-income housing tax credit portion of Sterling Financial Regions Bank has purchased a portion of First Sterling Financial that manages low income-housing tax credits. First Sterling, based in Great Neck, New York, was founded in 1979 and deals in syndication, asset and portfolio management of Affordable housing investments. Regions has acquired the Low Income Housing Tax Credit (LIHTC) corporate fund syndication and asset management businesses. Terms of the deal were not disclosed. “Regions has a long history of supporting affordable housing developments that benefit communities through direct investment in Low Income Housing Tax Credits,” John Turner, head of Regions’ Corporate Banking Group, said in a statement. “The addition of First Sterling’s industry-leading syndication and asset management capabilities will allow us to grow non-interest revenue and offer clients additional solutions to meet the affordable housing needs of more communities.” Sterling has raised more than $1.9 billion in investor equity through both proprietary and multi-investor funds. It has been used to develop more than 700 properties in 45 states and Puerto Rico. Birmingham Business Journal: Hot dog chain eyes expansion into Alabama A fast-growing chain of gourmet hot dog restaurants is planning to add 300 stores over the next 12 years, and Alabama is one of the states on its radar. Pasadena, Calif.-based Dog Haus has inked a deal with American Development Partners that will result in hundreds of new restaurants for the chain, which currently has 21 stores open in the Western U.S. The deal is valued at more than $500 million. The company hasn’t disclosed which markets in Alabama it would target for franchises. American Development Partners will aid in the development of new locations, and facilitate the acquisition of land and oversee construction of this deal’s over 300 new franchise locations. Dog Haus specializes in gourmet hot dogs, sausage and burgers. AL.com: Polaris to host grand opening this fall for new Alabama vehicle plant Polaris will finally unveil its new Center of Manufacturing Excellence months after starting vehicle production in Huntsville-annexed Limestone County. The Minnesota company will host a grand opening at 10 a.m. Nov. 1 on 7049 Greenbrier Parkway N.W. The location, which has a Madison address, spans 910,000 square feet on 505 acres and will serve at least 1,700 workers at full capacity. The powersports leader announced it began making Polaris RANGER vehicles and Slingshots this summer at the plant, which handles assembly, chassis and body painting, welding, fabrication and injection molding. In addition to a multi-shift manufacturing hub, the campus has a research and development (R&D) center and distribution warehouse. Polaris spokeswoman Marlys Knutson said the facility has about 450 workers. AIDT, the state’s workforce development agency, is seeking welders, painters and assembly operators for the Polaris site. Some roles require applicants to complete AIDT pre-employment training to be considered. The starting wages, which will increase after three and nine months of employment, are as follows: Welders ($14.25) Painters ($14.25) Assembly Operators ($12.75) Click here for more information. A Polaris worker was taken to UAB Hospital a week ago for burn injuries he sustained while on the job in Huntsville. Polaris, which said it is investigating, has not released details about the cause of the incident.
Regions Bank fined $7.5 millon for illegal overdraft fees
The Consumer Financial Protection Bureau has issued an order saying Birmingham-based Regions Bank bank illegally imposed overdraft fees on hundreds of thousands of its customers. Since 2010, CFPB regulations have required that banks give checking customers the option to “opt in” to overdraft protection or instead have their card declined once their account had reached zero. Instead, Regions Bank extracted overdraft fees from customers who had wanted their cards declined at the point of sale. The result, according to CFPB, was a whopping $49 million in illegal fees taken from customer accounts in 16 states. According to the release by CFPB Tuesday, “Regions Bank voluntarily reimbursed approximately 200,000 consumers a total of nearly $35 million in December 2012 for the illegal overdraft fees. After the Bureau alerted the bank to more affected consumers, Regions returned an additional $12.8 million in December 2013. In January 2015, the bank identified even more affected consumers and is now required to provide them with a full refund. Under the terms of the consent order filed today, Regions must hire an independent consultant to identify all remaining consumers who were charged the illegal fees. Regions will return these fees to consumers, if not already refunded. If the consumers have a current account with the bank, they will receive a credit to their account. For closed or inactive accounts, Regions will send a check to the affected consumers.” Regions will required to issue refunds to customers affected by the policy, to pay another $7.5 million in fines to CFPB, and to make sure the negative activity is expunged from their credit histories. As part of this enforcement action, CFPB has issued a warning to consumers about the risks of overdraft protection programs. The agency reports that customers who opt into these protections pay higher banking fees and incur more involuntary account closures.
