Regions Financial Corp. of Birmingham, Ala., said Thursday that it slashed its quarterly dividend to 1 cent a share and said the move would save about $250 million a year.

Dowd Ritter, Regions' chairman and chief executive officer, said Thursday that the company's board is "committed" to increasing the dividend "as it is prudent and can be supported by sustained earnings growth."

The company is slated to release its first-quarter results Tuesday. Regions slashed its dividend by 74% in July, to 10 cents a share, and reported a $6 billion writedown in its fourth-quarter loss on its banking operations.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.