Regions board authorizes repurchase of 25 million shares

The board of directors of Regions Financial Corp. has authorized the repurchase of up to 25 million shares of its stock. Another 6.4 million shares remain available for repurchase under a previous authorization.

The 31.4 million share authorization represents about 6.9% of Regions' 458.2 million shares outstanding as of Sept. 30.

Birmingham, Ala.-based Regions (NYSE: RF) provides retail and commercial banking, trust, securities brokerage, mortgage and insurance products and services. The bank holding company had $84.6 billion in assets as of Sept. 30, making it one of the nation's Top 15 banks.

Regions acquired the former Memphis-based Union Planters Bank in July 2004 for $6 billion. The bank holding company's subsidiaries employ about 3,000 in Memphis.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.