canceled a scheduled analyst presentation Friday, prompting speculation the bank could be near some kind of deal.
The Birmingham, Ala.-based bank's chairman and chief executive Dowd Ritter was scheduled to present at the Sanford C. Bernstein Strategic Decisions Conference on Friday, but cancelled due to a "last minute scheduling conflict," according to the company.
Canceling formal presentations typically means that some sort of material information regarding the company is forthcoming. Regions was among the 10 banks ordered by the federal government to raise money to pad capital levels against a possible worse downturn after government stress tests earlier this month, has long been rumored as a possible acquisition or merger candidate. Banks including
are said to be possible buyers.
Regions said earlier this month that it would incorporate "liability management" strategies, and possible sales of "selected non-core businesses or assets or take other actions to reduce its risk-weighted assets" to address its capital needs.
Regions spokesman Tim Deighton said the notification was posted on the company's Web site on Thursday. He said the company did offer to send its chief financial officer or chief risk officer in place of Dowd after the conflict arose, but Sanford required that a CEO do the presentation.
He declined to elaborate on the scheduling conflict or comment on deal speculation.
The government directed Regions to raise $2.5 billion after the stress tests. Last week, the bank commenced a common stock offering in which it expected to raise $1.85 billion through the sale of 400 million common shares and a public offering of 250,000 shares of its 10% Mandatory Convertible Preferred Stock, Series B.
Shares were slipping 1.7% to $3.95 in recent trading.