Anyone with money in Regions Bank...withdraw it immediately!

[Buzz Killington]

They have gone completely nuts for even talking to these idiots about a loan mere weeks before the County will most likely file for Chapter 9 Bankruptcy protection.

Regions Financial Corp. confirms talks with JeffCo on emergency loan
Posted by Russell Hubbard -- Birmingham News September 02, 2009 2:43 PM
Categories: Breaking News

Birmingham-based Regions Financial Corp. said today it is negotiating with Jefferson County on a loan that would avert a cash shortage and allow the recall of laid-off workers.

"As the largest bank in the state, we feel this course of action best serves the interests of our community and demonstrates the value of having one of the largest banks in the nation headquartered in Birmingham," Regions said in a statement.

Jefferson County laid off nearly one third of its 3,600 workers last month because of revenue shortfalls. Satellite courthouses and entire county departments have been closed.

County officials disclosed the talks about the loan this morning.


 

The county also owes almost $4 billion to bondholders who lent money for sewer system repairs and expansions and is trying to avoid what would be the largest municipal bankruptcy in U.S. history. Plus, a payment of $105 million on its general obligation debt is due Sept. 15. The county has been in default on its bond payments since last year.

Read a story on the county's dire financial position.

CORRECTS that $105 million payment due Sept. 15 is for general obligation debt.

http://blog.al.com/businessnews/2009/09/regions_confirms_talks_on_loan.html

[Thrilla]

Ummm...yeah...our money is with Regions.  Please be to posting updates, Buzz.  Looks like it's time move our savings to First Piggy Bank and Trust, Inc...

[RWS]

I took my money from Regions years ago. It was shortly after they acquired AmSouth, actually. They cleaned everybody out of our local branch and put in an all-AmSouth staff, who were rude and didn't know their asses from their elbows. I took my money to a local bank, Vision Bank. Most of the Regions people jumped ship right before the AmSouth acquisition and went to varios Vision branches.

[Buzz Killington]

Ummm...yeah...our money is with Regions.  Please be to posting updates, Buzz.  Looks like it's time move our savings to First Piggy Bank and Trust, Inc...

No word today...the Commissioners were all too busy ignoring the "Friends of Jefferson County" protesters this morning. 

[BZ770]

I took the advice of Clark Howard and put all my money in my company's credit union. 

[The Prowler]

What's a dependable bank?  Wacovia?  Bear Bryant Bank?

[Buzz Killington]

What's a dependable bank?  Wacovia?  Bear Bryant Bank?

What BZ said...credit unions are about the most secure these days.

[Townhallsavoy]

Uuuhhh...I've got a Regions account.  My wife has Wachovia.  Should we head to Telco?

[BZ770]

There are credit unions now that have easy membership requirements like just living in the city or county.  I've had an account with Alabamapower credit union for years, their reqt was that you had to work for them or a sister company that let you get a membership.  I worked for an land surveying company at the time that let us open accounts.  The company you work for may have such a credit union option.  The company I work for now has a credit union on my job site, so It's a no brainer.  When I first started working there, I took 20 out of the ATM with my Regions card and had $5 in charges. I only did that one time.  But Clark Howard is pimping credit unions out on his radio show daily.  They in reality have better interest rates on Savings accounts and CD's.

[Buzz Killington]

Forget the loan...we just want to get it when we actually need it.
Believe it or not, this makes a little more sense.  That means the Commission couldn't have come up with the idea.

http://blog.al.com/spotnews/2009/09/jefferson_county_seeks_line_of.html

Jefferson County seeks line of credit from Regions
By Barnett Wright -- The Birmingham News
September 23, 2009, 11:04AM

Jefferson County is now seeking a line of credit instead of a loan from Regions Bank, Commission President Bettye Fine-Collins said this morning.

Collins said she hopes the county can get a more favorable interest rate with a line of credit. The county is still trying to get about $25 million to use as it sees fit for county operations, she said.

The county is facing a financial crisis since losing access to money collected previously from  occupational tax and some business license fees.

Jefferson County in August placed hundreds of employees on unpaid leave. On Tuesday, the commission approved an $808 million budget that would put many of those employees back on the job by Oct. 10.