AmSouth Bank
AmSouth Bank (chartered as AmSouth Bancorporation) was a publicly-held company based in Birmingham which merged with Regions Bank in November 2006. AmSouth was previously known as First National Bank of Birmingham.
History
The National Bank of Birmingham was organized on October 17, 1872, the first bank in the state to be chartered under the National Bank Act. This founding came months after drawings of a banking building with that name, with Charles Linn noted as its president, had already been circulated by James R. Powell in order to induce Linn, a successful Montgomery businessman, to come to the new city. He did so, and the bank's office, a $4,000 wooden structure built on a $400 lot on the northeast corner of 1st Avenue North and 20th Street opened to the public on January 2, 1873. Linn held $450 of the initial distribution of $500 in stock. Other shareholders in the bank included Powell, Bryant Tully, Mortimer H. Jordan, Willis J. Milner, James O'Connor and B. P. Worthington.
Later that year, a $36,000 3-story brick building, known as the Linn Bank Building or "Linn's Folly" was constructed on the same plot. The spectacle of such a major structure being built in the midst of a national economic depression, when the prospects for the new city of Birmingham were anything but sure, earned it its nickname. A magnificent "Calico Ball" held in the building that New Year's Eve, marked a turning point in the fortunes of the city.
In 1884 the City Bank (founded by T. L. Hudgins) and the Alabama State Bank (founded by Joseph Forney Johnston) merged to form the First National Bank of Birmingham. This bank absorbed Linn's National Bank of Birmingham in 1930.
Prior mergers
AmSouth's size more than doubled in 2000 when it absorbed Nashville-based First American National Bank. With the merger came hundreds of branches across Tennessee along with several in Kentucky, Virginia, and Mississippi. This is cited as a rare example of one bank absorbing another bank larger than itself. As part of the deal, AmSouth also acquired Deposit Guaranty Bank (which was operating as a subsidiary of First American).
Merger with Regions
On May 25, 2006, AmSouth announced it would merge with Regions Bank, another Birmingham-based bank, in a $10 billion deal. The new entity, and all of its branches, will carry the Regions name. The deal was finalized in November 2006. [1]
External links
- AmSouth Bancorporation official site
- Yahoo! - AmSouth Bancorporation profile