Regions Financial (RF) in Birmingham, Ala., has split itself into two operating units a general bank and a corporate bank.
The general bank combines Regions' retail, wealth management, and small-business operations while the corporate bank will focus on serving middle-market and large commercial clients, the $118 billion-asset financial institution said in a press release.
"This realignment creates a more streamlined structure at the top of the company and is a more effective model for executing our strategy, managing our performance and serving our customers," Grayson Hall, Regions' chairman, president and chief executive of Regions, said in in a news release.
Regions said that John Owen, who has served as head of business lines since 2012, will manage the general bank. The corporate bank will be supervised by John Turner, who has overseen the bank's operations in Alabama, Mississippi, South Louisiana, and the Florida Panhandle markets, for the last three years.
Succeeding Turner as president of the south region is Bill Horton. Horton is currently the north central Alabama area president, but Leroy Abrahams, head of strategic and corporate planning for Regions, will take over Horton's position.
Meanwhile, John Asbury, who led Regions' business service group, announced his resignation due to family matters.
The bank's realignment comes two months after it reorganized its Midwest operations following the retirement of area President Sally Roth.