Regions Financial Corp. and Union Planters Corp. have named another layer of executives to oversee their regional banking networks, business lines, and key headquarters functions after their planned merger this summer.
Union Planters, of Memphis, and Regions, of Birmingham, Ala., announced their $6 billion merger-of-equals deal Jan. 23 and hope to complete it by June 30. The deal would create a new holding company bearing the Regions name.
Late Monday the companies announced a number of appointments drawing from the ranks of both partners. The appointments included six regional bank presidents and several other key executives, all of whom would report to Jackson W. Moore, the Union Planters chief executive who would be the new company's president.
Jason Goldberg, an analyst at Lehman Brothers, said there was "nothing unusual" in the announcements, though "it does look like they're keeping a lot of people from both organizations, which may have an impact on potential cost savings."
The companies have said they expect to save $200 million a year, or 7% of their combined expenses, after the merger.
"It looks like they're trying to make this a real merger of equals, which is good from some perspectives, in terms of keeping everyone happy, but it does just limit their ability to get cost savings," Mr. Goldberg said.
The companies had said previously that Carl E. Jones Jr., currently Regions' chairman and chief executive would keep those titles. Mr. Moore is to succeed Mr. Jones as the CEO next year and as the chairman in 2006.
Doyle R. Rippee, a Regions executive, would continue to oversee corporate banking. William E. Askew, also of Regions, would run the retail banking business, and Lynn Harton, Union Planters' chief credit officer, would have the same role at the new company.
The regional presidents include three current Regions executives: Jack Fleischauer, who would oversee the western region, which covers most of Arkansas, as well as Texas and Louisiana; Peter D. Miller, who would run the eastern region, which consists of east Tennessee, Georgia, and North and South Carolina; and Samuel E. Upchurch Jr., who would run the south-central region, which includes Alabama and the Florida Panhandle. The other three regional presidents are Union Planters executives: Adolfo Henriques, who would manage central and southeastern Florida and international banking and emerging markets; Steven Schenck, who would head the midwestern region, made up of western Kentucky, Missouri, Indiana, Illinois, and Iowa; and John White Jr., who would run the mid-south region, which covers middle and west Tennessee and Mississippi.
