RADNOR, Pa., April 21 /PRNewswire/ -- The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of the 8.875% Trust Preferred Securities of Regions Financing Trust III (the "Securities") (NYSE:RF-PZ) who purchased or otherwise acquired the Securities pursuant or traceable to the April 2008 Offering (the "Offering"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint charges Regions Financial Corporation ("Regions" or the "Company") and certain of its officers and directors, its auditor, and the underwriters of the Offering with violations of the Securities Act of 1933. Regions engages in consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. More specifically, the Complaint alleges that, in connection with the Company's Offering, defendants failed to disclose or indicate the following: (1) that the Company improperly accounted for goodwill; (2) that the Company improperly accounted for impaired assets; (3) that the Company improperly recorded provisions for loan losses; (4) that the Company lacked adequate internal and financial controls; (5) that the Company was not as well capitalized as represented; and (6) that, as a result of the foregoing, the Company's Registration Statement was false and misleading at all relevant times. On or about April 28, 2008, the Company conducted the Offering. In connection with the Offering, the Company filed a Registration Statement and Prospectus (collectively referred to as the "Registration Statement") with the SEC. The Offering was a financial success for the Company, as it was able to raise over $345 million by selling 13.8 million shares of the Securities to investors at a price of $25 per share. On January 20, 2009, Regions announced dismal financial results for the fourth quarter of 2008. Details included a $6 billion non-cash charge for impairment of goodwill, a $469 million loss resulting from non-performing assets, and an increase in the loan loss provision to $1.150 billion. Then, on February 2, 2009, it was reported that Moody's had downgraded the Company, largely due to its deteriorating loan portfolios in the troubled Florida market. As a result of these disclosures, the price of the Securities has declined significantly. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country. Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Barroway Topaz Kessler Meltzer & Check, or for additional information about participating in this action, please visit http://www.btkmc.com/. If you are a member of the class described above, you may, not later than June 1, 2009, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP Darren J. Check, Esq. David M. Promisloff, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Barroway Topaz Kessler Meltzer & Check, LLP CONTACT: Darren J. Check, Esq., or David M. Promisloff, Esq., both of Barroway Topaz Kessler Meltzer & Check, LLP, both at +1-888-299-7706 (toll free), +1-610-667-7706, Web Site: http://www.btkmc.com/

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