News
April 21, 2004
BIRMINGHAM , Ala. - April 22, 2004 --Regions Bank has reached a definitive agreement to purchase Evergreen Timberland Investment Management from Charlotte, N.C.-based Wachovia Corp.
Regions, part of Regions Financial Corp. plans to re-brand the timberland investment management entity as Regions Morgan Keegan Timberland Group, a line of business within Regions' Trust and Asset Management division. The transaction is expected to close by the end of the second quarter of 2004; other terms of the agreement have not been disclosed.
"The acquisition of Evergreen Timberland Investment Management will enable Regions and Morgan Keegan to expand the investment choices available to institutional clients," said Ken Alderman, executive vice president of Regions Financial Corp. "Regions Morgan Keegan Trust has a long history of successfully managing natural resource properties for clients."
Charles D. Daniel, currently the managing director of Evergreen Timberland Investment Management, will join Regions as president of Regions Morgan Keegan Timberland Group. Alderman said the addition of Daniel and his management team, along with more than 25 other Evergreen Timberland employees who will become Regions associates post-close, will help the company ensure consistent management of timberland assets for current and future clients.
"For Evergreen Investments this transaction ensures that our timberland clients will be well served by Regions' commitment to this asset class and allows us to focus our resources on our primary strengths - equity and fixed income asset management," said Dennis Ferro, chief executive officer and chief investment officer, Evergreen Investments.
Created in 1981, Evergreen Timberland Investment Management is headquartered in Atlanta , Ga. , with offices in Tallahassee , Fla. ; Richmond , Va. ; Winston-Salem , N.C. ; Columbia , S.C. ; and Dallas , Texas . It currently has assets in excess of $1 billion and approximately 1 million acres under management.
"This expertise and a corporate commitment to support Regions Morgan Keegan Timberland Group's growth will ensure existing and future clients excellent service," Alderman said.
About Regions Morgan Keegan Trust
Regions Morgan Keegan Trust, with assets totaling more than $20 billion, is the trust and investment management unit of Regions Financial Corp., a member of both the Forbes and Fortune 500. Regions Morgan Keegan Trust operates as part of Regions subsidiary Morgan Keegan & Co. Inc. Additional information about Regions Morgan Keegan Trust, Morgan Keegan and Regions can be found at both www.morgankeegan.com and www.regions.com.
About Evergreen Investments and Wachovia
Evergreen Investments is the investment management arm of Wachovia Corp.
Wachovia Corp. is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $410.9 billion, market capitalization of $61.7 billion and stockholders' equity of $33.3 billion at March 31, 2004 . Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
Preceding press release obtained from Regions at
www.regions.com .
Berkshire Capital has reprinted this press release substantially in its entirety.
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