The Fortune 500 is an annual list compiled and distributed by Fortune magazine that lists 500 of the wealthiest companies in the United States by gross income for their fiscal years. The list includes both publicly traded companies and privately held companies with publicly available revenue. Edgar P. Smith, a Fortune editor, came up with the idea for the Fortune 500, which was first published in 1955.
While many states have a lot of companies on this list, only one Company from Alabama made it on this list.
Regions Financial Corporation (Place 446 - 6,755 Billion USD Revenue)
Regions Financial Corporation is a bank holding company based in Birmingham, Alabama's Regions Center. Retail and commercial banking, trust, stockbrokerage, and mortgage services are all provided by the company. Regions Bank, the company's banking division, runs 1,952 automatic teller machines and 1,454 offices across 16 states in the Southern and Midwestern United States.
Regions is based in Alabama and is ranked 460th in the Fortune 500. Regions also ranks among the top banks in the United States.
In Alabama and Tennessee, Regions is the main depositor. In Arkansas, Louisiana, Mississippi, and Florida, it is also one of the biggest depositors.
Regions Field, a Minor League Baseball stadium in Birmingham, Alabama, and The Tradition golf tournament are both sponsored by the company. In 2009 and 2010, it funded the Regions Charity Classic, a golf tournament.
Operation HOPE, Inc. has partnered with the company to provide free financial education to the underserved community. In 2019, the organization partnered with EnterpriseAlumni to expand its Workday, Inc. framework to engage and allow ex-employees to broaden their corporate social responsibility programs.
Criticism about the Regional Financial Corporation
The US Securities and Exchange Commission fined Regions $200 million in 2011 for mispricing risky mortgage-backed bonds in its Morgan Keegan subsidiary's conservative mutual funds.
The Consumer Financial Protection Bureau fined Regions $7.5 million in April 2015 for charging customers excessive or illegal overdraft fees. There were no affirmative opt-ins from regions to charge overdraft fees on ATM and point-of-sale transactions. Regions also misrepresented overdraft and non-sufficient fund fees related to the bank's short-term loan program, according to the CFPB.
Even though there are many great companies in Alabama, the Regional Financial Corporation was the only one that made it to the Fortune 500 list. What is your experience with this company and what other companies would you love to see on this list?