BIRMINGHAM, Ala. Regions Financial Corp. of Birmingham has agreed to acquire Park Meridian Financial Corp. of Charlotte, N.C., in an all-stock deal
Regions would exchange 0.55 of a share of its common stock for each Park Meridian share, it announced Wednesday, but this ratio is subject to possible adjustment. Based on recent market prices for Regions common stock, the estimated value of the transaction would be $50 million. The companies said they expect to close the deal, which would be accounted for as a purchase, during the fourth quarter. Regions said it expects to repurchase stock equivalent to the roughly 1.5 million shares it would issue in connection with this transaction through open market transactions.
Park Meridian Financial is the holding company for Park Meridian Bank, which operates three offices in Charlotte. As of March 31 the company had $284 million of assets.