Birmingham,Ala.-based Regions Financial Corp.'sboard authorized an equity repurchase program for up to $640 million of thecompany's common stock and declared a quarterly common stock dividend,maintaining a payout of 6.5 cents per share.

Theproposed repurchase program was previouslyannounced June 29 following the Federal Reserve's indication toRegions that it did not object to the company's capital plan submitted underthe 2016 Comprehensive Capital Analysis and Review process.

Theauthority granted under the repurchase program expires June 30, 2017.