Regions Financial has partnered with seven Community Development Financial Institutions and Minority Depository Institutions, allowing their customers to use Regions ATM machines without paying out-of-network fees.
The seven banks are located around the Southeast and include two in Alabama.
CDFIs are private institutions commited to providing services to low-income or otherwise disadvantaged people and communities, to help them join the economic mainstream.
MDIs are institutions where at least 51% of the voting stock is owned by minority individuals or where a majority of board members have a minority background.
“Regions Bank is committed to creating more inclusive prosperity, and this collaboration is a key component of our broader, long-term work with CDFIs and MDIs to expand access to essential financial services,” said John Turner, president and CEO of Regions Financial Corp. “This new collaboration will benefit individual consumers in several states. Regions Bank and the Regions Community Development Corporation have also worked closely with CDFIs and MDIs in the past to support business activity in underserved communities, including a series of equity investments. These initiatives illustrate Regions’ dedication to not only providing financial services, but also uplifting communities across our footprint.”
Darrin Williams, CEO of Southern Bancorp — an Arkansas-based institution that is one of the seven included in the agreement — said, “Equitable access to banking is one of the most impactful ways we can eliminate financial barriers and reduce the wealth gap in America. Our institution serves communities in the Mid-South that may not have convenient ways to make withdrawals or even check their balances. This partnership with Regions not only makes banking more accessible for our customers, but it will also help support our communities and, ultimately, our local economies.”
Two Alabama banks are included in the partnership:
- Commonwealth National Bank, a CDFI and MDI in Mobile
- Friend Bank, a CDFI in Dothan
The other five Southeastern banks included in the Regions partnership are:
- Carver State Bank, a CDFI and MDI in Savannah, Georgia
- Citizens Savings Bank & Trust, a CDFI and MDI in Nashville, Tennessee
- Hope Community Credit Union, a CDFI in Jackson, Mississippi
- Optus Bank, a CDFI and MDI in Columbia, South Carolina
- Southern Bancorp, a CDFI in Arkadelphia, Arkansas