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.