Regions Financial records 4Q loss on $6 billion charge - WSFA.com Montgomery Alabama news.

Regions Financial records 4Q loss on $6 billion charge

BIRMINGHAM, Ala. (AP) - Birmingham-based Regions Financial Corp. on Tuesday reported a fourth-quarter loss due mainly to a $6 billion "goodwill" impairment charge to reflect declining value in its banking reporting unit.

Regions posted a loss of $6.24 billion, or $9.01 per share, compared with a profit of $70.6 million, 10 cents per share, during the fourth quarter of 2007.

Regions Chief Executive Dowd Ritter said in a statement "there is no quick fix for credit quality issues currently plaguing the financial services industry."

Regions has received a $3.5 billion infusion from the U.S. Treasury under a government program.

Its part of a relief program designed to encourage U.S. financial institutions to build capital and increase the flow of financing to U.S. businesses and consumers.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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