Regions Financial Corp. is unloading an accounts receivable unit.
The $142 billion-asset Birmingham, Ala., company said that it has an agreement to sell Regions Interstate Billing Service Inc. to Bank Independent in Sheffield, Ala. The companies did not say how much Bank Independent would pay for the unit. The sale is expected to close in the third quarter.
The unit has 84 employees that handle clients in 31 states, offering accounts receivable purchasing and billing services.
Separately, Regions said this week that it had hired Thomas Brooks as executive vice president in charge of its cards and payments division, which includes credit and debit cards and merchant relationships.
Brooks had been in charge of partnership rewards at Next Jump Inc., a New York company that handles loyalty and rewards programs.