EXIM Board of Directors Approves Increase in Delegated Authority for Regions Bank
Washington, D.C. - The Export-Import Bank of the United States (EXIM) Board of Directors met today, unanimously approving an increase in the delegated authority for Regions Bank of Birmingham, Alabama. The change will allow Regions Bank to increase support for exports of U.S. goods and services by underwriting and approving EXIM guarantees for commercial short-term export credits.
Under EXIM's Working Capital Guarantee Delegated Authority Program, Regions Bank was granted an increase to Level 5 on Sept. 1, 2011, and has since maintained a satisfactory track record. The move to Level 6 delegated authority allows Regions Bank to approve loans up to a total of $10 million per exporter and to approve an aggregate total of up to $150 million in total loans. With this status, Regions Bank can capitalize on the trade finance business opportunities that are available throughout its U.S. market, which in turn will help EXIM extend its support to U.S. exporters.
"For many years, Regions has worked with EXIM to provide financial solutions that enable small and mid-sized U.S. companies to export their products and services abroad," said Regions Bank Executive Vice President and Head of Treasury Management and Trade Finance Marc Mullins. "The increase in delegated authority will allow Regions to provide additional resources and flexibility to help more companies grow and expand in the communities we serve."
"Regions Bank has been a strong partner with EXIM in helping our U.S. businesses compete and win in the global marketplace," said EXIM President and Chairman Kimberly A. Reed. "Increasing the delegated authority with a reliable partner like Regions Bank will ultimately result in more loans that help support and grow American jobs, including those at our nation's small businesses."
"In my small business visits, I have heard time and time again how important access to capital is," said EXIM Board Member Spencer Bachus III. "EXIM's working capital guarantees and our delegated authority lenders, including Regions Bank, help make that possible. Over half of Regions' EXIM-backed financing has gone to small businesses, and with this expanded authority, I look forward to working with them to grow that portfolio even more."
"With roots that date to 1852, Regions Bank has expanded on its heritage as a community bank to become of one the nation's leading financial institutions," said EXIM Board Member Judith D. Pryor. "I am pleased to see Regions continuing to increase its partnership with EXIM while expanding the international export market for small and medium-sized U.S. companies."
Chairman Reed dedicated the Board of Directors meeting, which focused on small business, to the memory of John Conway Boyd, a valued EXIM colleague who passed away unexpectedly on January 25, 2020. Mr. Boyd was a loan specialist and relationship manager in the Business Credit Division.
Regions Financial Corporation (NYSE:RF), with $126 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions has a presence in and serves customers across 15 states-Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas-through its subsidiary, Regions Bank, Regions Financial Corporation operates approximately 1,400 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
ABOUT EXIM BANK:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency's authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.