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.

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