Ok, I am very frustrated by the fact that the Jefferson County Treasurer question's whether or not "Region's Bank is sound enough to hold the county's money"(See Below). I could scream!!!!!!
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Jefferson County treasurer asks commission: Is Regions Bank sound enough for county money?
Posted by Russell Hubbard -- Birmingham News February 04, 2009 3:08 PM
Jefferson County's treasurer has asked the Alabama county's commission to advise her if the county's bank accounts should be pulled from Regions Bank, whose holding company has been suffering from financial losses, falling share prices and credit downgrades. Jennifer Champion, elected treasurer last year to manage the county's $660 million budget, said she today sent a memo to Commission President Bettye Fine Collins and the four commissioners requesting guidance.
The county has 12 accounts with Regions, holding tens of millions of dollars at any one time, Champion said in an interview. She said she wonders about Regions' soundness after the company's shares have fallen by more than 90 percent in the past year, and its creditworthiness has been downgraded by Wall Street ratings agencies. "I need to do what I can to protect the taxpayer," Champion said.
Regions, the area's largest private employer with 6,000 workers, has been hurt by delinquent loans from real-estate borrowers. The company had a fourth-quarter loss of $6.2 billion. Shares Wednesday fell below $2.50 in late-afternoon trading.
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