BIRMINGHAM, Ala.--(BUSINESS WIRE)--Sep. 1, 2009-- Regions Financial Corporation (NYSE:RF) announced today that based on a review of industry best practices in light of the unprecedented credit environment, the company has realigned its credit approval process, separating it from the process for assessing risk in the company’s loan portfolio.
Tim Laney, currently senior executive vice president and head of Business Services at Regions, will serve as the interim Chief Credit Officer effective immediately as the company begins a national search to fill the post. Michael J. Willoughby, previously the Chief Credit Officer, has been named Director of Credit Risk, reporting to Chief Risk Officer Bill Wells.
Willoughby will assist Laney during a transition period, and Laney will continue to report to Chief Executive Officer Dowd Ritter. Laney will have responsibility for credit policy, credit servicing, risk rating accuracy, and underwriting on an interim basis. This realignment is another step in an ongoing effort to clearly delineate the responsibilities for the credit approval process and the risk assessment process. As part of this effort, the company has already created a Risk Analytics function, led by Tom Neely and reporting to Wells. Risk Analytics includes:
Credit MIS including quantitative modeling and loan loss allowance methodology;
Appraisal and environmental review;
Special Assets, and
Loan Disposition, including the unit dedicated to identifying strategic buyers and selling problem assets at the best possible prices.
Willoughby, a senior executive vice president, has served as Chief Credit Officer since November 2006 and had previously as Chief Credit Officer at AmSouth Bancorporation since 1997. Willoughby, 63, was responsible for implementing a new credit policy and reducing the combined company’s exposures to credit concentrations immediately following the merger with AmSouth and his new role provides a logical transition toward his eventual retirement.
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