Regions Financial shares fell nearly 40% in 2011.

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After receiving $3.5 billion from the Treasury's TARP program in 2008, Regions Financial has struggled to earn the profits and raise the capital to repay emergency funds.

Regions bought Morgan Keegan for $789 million in 2001 and will retain its Morgan Asset Management and Regions Morgan Keegan Trust units in its wealth management division after the deal closes.

-- Written by Antoine Gara in New York

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