Two Alabama-based banks, Regions Financial Corp. and Compass Bancshares, ended 1994 with record quarterly and full year earnings, despite heavy acquisition activity.

Meanwhile, Atlanta-based Bank South Corp. reported net income of $19.4 million in the fourth quarter, down 33%. The reason for the shortfall: a one-time after-tax gain of $19.8 million from the sale of Bank South's Pensacola, Fla., bank in the fourth quarter of 1993.

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