First Commercial Corp. chairman and chief executive Barnett Grace will be able to cash in stock worth about $39 million when Regions Financial Corp. buys his company.

First Commercial of Little Rock, Ark., agreed Feb. 9 to sell itself to Regions Financial of Birmingham, Ala., for $2.7 billion. Shareholders are to vote on the merger July 28, according to proxy materials filed with the Securities and Exchange Commission last week.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.