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St. Louis Business & Technology News
"When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
How To Reach Us:St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com |
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Regions Acquires its Second Failed Bank in Five Months from FDIC ST. LOUIS (BUSINESS WIRE), February 8, 2009 - Regions Financial Corporation (NYSE:RF) has announced that it has assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $285 million in total deposits, including all uninsured deposits, of FirstBank Financial Services, based in Henry County, Ga. This is the second acquisition in five months where Regions has worked with the FDIC to provide a safe harbor for the customers of a failed bank. The Georgia Department of Banking and Finance at the close of business on February 6, 2009, appointed the FDIC as receiver of FirstBank. The FDIC approved the assumption of approximately $285 million in deposits by Regions Bank. The FDIC will retain most of FirstBank's loan portfolio for later disposition. "As a strong national institution, we believe it is our responsibility to work with and support the FDIC in finding solutions for depositors in these challenging times. We also felt it was important to be a safe harbor for all customers by assuming both insured and uninsured deposits," said Dowd Ritter, chairman, president and chief executive officer. "Having recently completed a highly successful conversion of customers and deposits of another failed bank, we are ready to put our proven integration team and processes to work for the benefit of our new customers." Under terms of an agreement with the FDIC, Regions will serve 6,400 accounts of FirstBank and will assume operations of the three branches in Henry County and one branch in Clayton County, when they reopen on February 9, 2009. The former FirstBank branches will immediately operate under the Regions name and customers will be able to conduct their business as usual. Customers of both banks should continue to use their existing branches until Regions can fully integrate the deposit records of FirstBank. Regions will work with FirstBank employees to identify possible job opportunities within Regions. "We look forward to welcoming the former customers of FirstBank into the Regions family," said Bill Linginfelter, area executive for Atlanta/North Georgia. "We are committed to serving the needs of the entire community and this agreement will provide a safe and secure home for FirstBank customers' banking relationships." New SHRM Survey Says Expect Bigger Trouble Ahead for the U.S. Job Market in First Quarter 2009 ST. LOUIS (PRNewswire-USNewswire), February 8, 2009 - Nearly 75 percent of HR professionals across the country expect deep job cuts to continue throughout the first quarter of 2009, with 73 percent pessimistic about overall job growth in the United States, according to the first Labor Market Outlook (LMO) survey by the Society for Human Resource Management (SHRM). The new SHRM forecast examines hiring and recruiting trends based on a quarterly survey of more than 463 HR professionals managing company staffing issues from a broad range of public and private entities. "This report debuts at a time when many organizations are asking themselves if they will be in business through tomorrow, next week, next month, or next year," said SHRM President and CEO Laurence G. O'Neil. "When difficult decisions like layoffs must be implemented, how exiting employees are treated has a direct impact on those left behind, and on the employer's ability to attract and retain talent later on. More than any other time in recent history, organizations need smart and sophisticated people policies." The LMO data shows that the current recession is proving that no job is immune from being eliminated. Of the companies that will cut positions in the first quarter, more than half (56 percent) of the respondents said those jobs will be managerial and professional positions. Another 43 percent said they will layoff hourly service workers, and 12 percent plan to cut senior executives as part of their downsizing. Although the outlook is bleak, not everyone is planning to eliminate jobs, and some of the respondents said they are pursuing payroll expansions in early 2009. Twenty-three percent of the HR respondents plan to hire in the first quarter of 2009. On average large employers (more than 500 employees) who plan to add staff, plan to add 56.2 employees. Medium-size companies with 100 to 499 employees who expect to increase payroll, plan to do so by 17.8 employees on average, and small employers with fewer than 100 workers who plan to hire, expect to do so by an average of 4.2 employees.  
The Saint Louis Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Saint Louis area. Text or graphics may not be copied, rewritten or distributed in any manner whatsoever without written permission. For more information, contact editor@slfp.com All rights reserved world wide © 1996 - 2009 Moore Design Group. |
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