Regions Bank 2009 Annual Report Download - page 158
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Please find page 158 of the 2009 Regions Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Federal funds purchased and securities sold under agreements to repurchase are used to satisfy daily funding
needs. Federal funds purchased and securities sold under agreements to repurchase had weighted-average
maturities of 5 days and 2 days at December 31, 2009 and 2008, respectively. Weighted-average rates on these
dates were 0.2 and 0.5%, respectively.
During 2009 and 2008, the Company utilized short-term borrowings through participation in the Federal
Reserve’s Term Auction Facility (“TAF”). These fundings were utilized primarily to repay other short-term
borrowings or provide excess balances at the Federal Reserve. At December 31, 2009, Regions did not have any
borrowings under the TAF and currently does not plan to borrow again through the TAF program. Regions exited
the TAF program in July 2009. Borrowings under the TAF had a weighted-average maturity of 13 days and a
weighted-average interest rate of 1.14% at December 31, 2008.
Treasury, tax and loan notes consist of borrowings from the Federal Reserve Bank. At December 31, 2009,
Regions can borrow a maximum amount of approximately $14 billion from the Federal Reserve Bank. Regions
has pledged certain commercial, home equity and other consumer loans as discount window collateral. See Note
5 for loans pledged to the Federal Reserve Bank at December 31, 2009 and 2008.
See Note 13 to the consolidated financial statements for further discussion of Regions’ borrowing capacity
with the FHLB.
The short-sale liability represents Regions’ trading obligation to deliver certain securities at a predetermined
date and price. Through Morgan Keegan, Regions maintains a liability for its brokerage customer position, which
represents liquid funds in the customers’ brokerage accounts.
Morgan Keegan maintains certain lines of credit with unaffiliated banks that provide for maximum
borrowings of $585 million as of both December 31, 2009 and 2008. Amounts outstanding under these lines of
credit as of December 31, 2009 and 2008, are included in other short-term borrowings.
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