Yahoo Finance A High Honor for Global Trade: Regions Bank Receives 2024 Presidential Award for Excellence in Supporting Exports
Regions is one of 10 U.S. entities recognized with the nation’s highest export service honor.
BIRMINGHAM, Ala., May 15, 2024--(BUSINESS WIRE)--Regions Bank on Wednesday announced it has received the 2024 President’s "E" Award for Export Service in recognition of the bank’s work to provide financing solutions for Corporate Banking clients that collectively increase the nation’s exports.
Regions received the award at a ceremony Tuesday afternoon at the U.S. Department of Commerce in Washington, D.C.
"Our focus at Regions Bank is helping business clients maximize opportunities for growth, and our work with exporters helps American businesses expand their global reach while building on their success," said Ronnie Smith, head of Corporate Banking for Regions. "Exports strengthen our local economies, create jobs and keep our communities moving forward. Regions’ Global Trade Finance team is an important resource for clients to expand their market reach. The President’s ‘E’ Award is a testament to our relationship-based approach toward delivering customized insights from specialized bankers who are committed to client success."
The "E" Award was created in 1961 by Executive Order and serves as the highest recognition a person or U.S. entity can receive for making a significant contribution to the expansion of American exports. This year, Regions is one of only 10 entities receiving the "E" Award for Export Service; the "Service" category honors organizations like Regions who support exporters as they distribute their products or services to the global marketplace. Also at this week’s ceremony were 30 individual exporters who were recognized for their success in global trade.
"Regions Bank has demonstrated a sustained commitment to export expansion," said Secretary of Commerce Gina Raimondo in her congratulatory letter to the bank. "The ‘E’ Awards Committee recognizes Regions Bank’s near doubling of export financing provided over the past four years. Regions Bank’s achievements have undoubtedly contributed to national export expansion efforts that support the U.S. economy and create American jobs."
The 2024 award reaffirms Regions’ longtime commitment to serving clients in the export space. The bank’s first such recognition came in 1968 when the Merchants National Bank of Mobile, a predecessor bank to Regions, received the President’s "E" Award for Export Service.
Regions provides a diverse suite of modern global trade finance options for clients. Resources include:
Treasury Management Solutions: These services are designed to help improve cash flow, strategically manage liquidity, streamline payables and mitigate unnecessary risk exposure. At the same time, clients are given a more real-time, cash-centric view of their balance sheets. In addition, through payment-risk mitigation solutions, payments can be streamlined for overseas transactions by using Regions’ connections with banks around the world to collect and process payments from foreign financial institutions.
Performance Solutions: These options are designed to help develop and expand a company’s global customer base and negotiate international contracts while minimizing financial risks. Through various standby Letter of Credit services, business owners can support regular supply contracts with foreign buyers and be covered for those goods in the event the buyer defaults on payment.
Working Capital Solutions: This supports the growth of international sales by financing the exporting of products while maintaining working capital availability. Through the Export-Import Bank (Ex-Im Bank), the official export credit agency of the United States, the U.S. Small Business Administration’s export financing, or Trade Credit Insurance, businesses owners have additional options to access working capital needed to provide their goods around the world.
Foreign Business Solutions: These help international companies receive goods and services from U.S.-based companies by providing financing for purchases. Through the use of Bankers Acceptance, foreign companies receive a letter of credit for a specified time period. Additionally, Ex-Im Bank Guarantee Medium-Term Financing helps creditworthy international buyers and facilitates payments to U.S. companies.
"Regions Bank has a strong legacy of supporting vibrant trade," said Carson Strickland, head of Regions’ Global Trade Finance Relationship team. "Over the past 100 years, Regions Bank and its predecessor banks have continued to build upon the capabilities and services business clients need to grow their international presence. Our growth reflects the global demand for U.S. products and services. As we look to the future, we will continue to provide the same personalized attention our clients have come to know, and we look forward to welcoming new clients to Regions’ approach to international trade."
Regions has been recognized by other government agencies for its work to support exports. The U.S. Small Business Administration recognized Regions in 2019 and 2023 as its Export Lender of the Year. Additionally, the Ex-Im Bank of the United States named Regions Bank Lender of the Year in 2020 and honored the company with the Deal of the Year recognition in 2022.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $155 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, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
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Jennifer Elmore
Regions Bank
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