Regions Financial Corp.'s shares jumped 10% after the company's chairman and chief executive said he sees no need to raise more capital.
C. Dowd Ritter said during a conference in New York held by Barclays PLC's Barclays Capital unit that the $143 billion-asset Birmingham, Ala., company has "more than adequate capital" to weather the recession. He also said the rate of increase in nonperforming assets at Regions probably peaked in the second quarter and that a plateau may be reached by early next year.
Ritter, like many other CEOs, said he would like to exit the Troubled Asset Relief Program "as soon as we are approved by regulators." He said his company would also need to issue nonguaranteed debt, "which [it is] prepared to do" as soon as it decides to repay the Tarp funds.