Regions Bank is moving its regional headquarters from Sandy Springs to Midtown, the company said Wednesday, giving it a bigger presence as it competes for market share and name recognition.
The Birmingham, Ala.-based bank, which ranks No. 6 in market share in Atlanta, has signed a letter of intent to move to Atlantic Center Plaza at 1180 West Peachtree Street. Regions Bank’s current headquarters is located at 1 Glenlake Parkway in Sandy Springs.
The lease is for four floors of the 23-story building, representing 81,000 square feet, Regions said. The bank is in negotiations to put its name on the building.
The move will consolidate most of Regions’ divisions in one building, and house 250 employees under one roof, Regions spokeswoman Evelyn Mitchell said. Employees are expected to move in early 2011.
Regions wants to expand its profile in Atlanta. It is one of the largest banks doing business in metro Atlanta that doesn’t have its name either splashed across a marquee building or hold naming rights to a tower.
Rivals like Bank of America and SunTrust Banks have namesake buildings, and even smaller banks like RBC USA have a trophy intown building.
Regions has $3.3 billion in deposits in metro Atlanta, according to Federal Deposit Insurance Corp. data.
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Credit: Clayton County Police Department