When Regions Financial, Birmingham, merges with Union Planters Corp., Memphis, it will create a Southeast-based regional mortgage giant that will rank 20th among all residential servicers nationwide. According to figures compiled by National Mortgage News and its affiliate, the Quarterly Data Report, the new bank will have at least $45 billion in residential servicing rights on its books and the capacity to fund $25 billion a year in home mortgages. (Both figures are based on third quarter numbers.) The merger is valued at $5.9 billion. The combined bank will be called Regions Financial Corp., and will have $80.5 billion of assets, and almost 1,400 offices in 15 states stretching from Florida to Iowa.
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