Regions Bank forms Technology & Defense banking group, will provide full range of banking capabilities to technology and defense companies
April 5, 2011
Regions Bank (NYSE:RF) today announced it has formed a Technology & Defense banking group and named David Sozio to lead this effort. Under Sozio's leadership Regions will provide a full range of banking capabilities to technology and defense companies with an emphasis on advisory services, syndicated financing, and debt capital for growth and merger and acquisition activities. Sozio will be based in Charlotte, N.C.
Since 2008 Regions has expanded its focus on specialty banking groups, including Transportation, Franchise Restaurant, Energy, and Healthcare. The formation of the Technology & Defense banking group builds upon Regions' strong expertise serving specialized industries and complements the robust investment banking and advisory services provided through Morgan Keegan & Company Inc., the securities brokerage and investment banking arm of Regions Financial Corporation.
"Both technology and defense are strategically important domestic industries and companies in these sectors require financial products, services and expertise tailored to their specific needs in order to be successful," said Sam Tortorici, head of Commercial & Industrial banking. "Importantly, many of these companies are Regions clients today. Under Dave's leadership, we are well-positioned to meet the needs of growing companies in the technology and defense industries and I'm pleased to have an individual of his experience and reputation leading this important new banking group."
Sozio's 25-year tenure in financial services includes broad management and advisory experience in both the technology and defense industry sectors. Sozio spent twelve years at Wachovia Securities and its predecessor, First Union Securities, where he established and built First Union/Wachovia's Defense and Government Services Corporate Finance practice and later led Wachovia's Technology and Services Debt Capital Markets team, which focused on providing syndicated loan and bond financings for corporate and private equity backed issuers. Prior to joining legacy First Union Securities, Sozio spent ten years in the corporate banking group at NationsBank and its predecessors. Sozio received a MBA with a concentration in Finance from the College of William and Mary in Williamsburg, Va. and a BA in Economics from Wake Forest University in Winston-Salem, N.C.
"Regions Financial has a strong track record of providing outstanding service and comprehensive financial solutions to clients in a wide variety of industries," said Sozio. "I look forward to partnering with Regions' bankers and Morgan Keegan's industry-focused investment banking teams to serve organizations in the technology and defense industries."
As one of the leading banks in the country, Regions is uniquely positioned to serve clients within the technology and defense industries. Through the bank's partnership with Morgan Keegan, Regions also offers clients a full suite of investment banking, capital markets, leveraged finance and advisory services. Morgan Keegan is one of the only full-service investment banking platforms with a dedicated team of investment bankers and equity research analysts covering the security, defense, and technology sectors.
Morgan Keegan recently announced that Dan Cornell has joined the firm's Security & Defense Investment Banking group as a managing director. In addition to enhancing Morgan Keegan's already significant presence in the defense sector, Cornell, formerly with Jefferies & Co., will be instrumental in initiating the firm's coverage of the aerospace and government services sectors and will work closely with Regions Bank's new Technology & Defense banking group.
About Regions Financial Corporation
Regions Financial Corporation, with $132 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,800 banking offices and 2,200 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.
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