Regions Bank to acquire asset management businesses of First Sterling Financial.

Regions Bank has acquired asset management businesses of First Sterling Financial. Financial terms were not disclosed The acquisition complements Regions' Community Investment Capital, Real Estate and Capital Markets capabilities to serve more clients and communities. First Sterling is one of the leading national syndicators of investment funds benefiting from Low Income Housing Tax Credits. First Sterling has raised more than $1.9 billion in investor equity through both proprietary and multi-investor funds. This investor equity has been used to support more than $3.5 billion of development in 700 properties containing over 30,000 rental units in 45 states, Puerto Rico and Washington, DC. "The addition of First Sterling's industry-leading syndication and asset management capabilities will allow us to grow non-interest revenue and offer clients additional solutions to meet the affordable housing needs of more communities." John Turner, Regions Bank Head.