<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
COMMISSION FILE NUMBER 0-6159
A. Full title of the plan and address, if different from that of the
issuer named below:
FIRST COMMERCIAL CORPORATION
401(K) PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
REGIONS FINANCIAL CORPORATION
P. O. BOX 10247
BIRMINGHAM, ALABAMA 35202
<PAGE> 2
FIRST COMMERCIAL CORPORATION
401(K) PLAN
DECEMBER 31, 1998 AND 1997
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
INDEPENDENT ACCOUNTANTS' REPORT............................................................................. 1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits......................................................... 2
Statements of Changes in Net Assets Available for Benefits.............................................. 3
Notes to Financial Statements........................................................................... 4
SUPPLEMENTARY SCHEDULES
Schedule I - Investments, December 31, 1998............................................................. 20
Schedule I - Investments, December 31, 1997............................................................. 21
</TABLE>
<PAGE> 3
Independent Accountants' Report
Regions Financial Corporation
First Commercial Corporation 401(K) Plan
We have audited the accompanying statements of net assets available for
benefits of FIRST COMMERCIAL CORPORATION 401(K) PLAN as of December 31, 1998 and
1997, and the related changes in net assets available for benefits for each of
the three years in the period ended December 31, 1998, and the supplementary
schedules. These financial statements are the responsibility of the
Corporation's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of FIRST
COMMERCIAL CORPORATION 401(K) PLAN as of December 31, 1998 and 1997, and changes
in net assets available for benefits for each of the three years in the period
ended December 31, 1998, in conformity with generally accepted accounting
principles and the supplementary schedules present fairly, in all material
respects, the information required to be set forth therein.
/s/ Baird, Kurtz & Dobson
Little Rock, Arkansas
June 9, 1999
<PAGE> 4
FIRST COMMERCIAL CORPORATION
401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
------------- ------------
<S> <C> <C>
INVESTMENTS, AT FAIR VALUE
Common stock - employer securities (Cost, 1998: $26,562,184;
1997: $20,229,420) $ 90,912,668 $ 75,519,308
Employee benefit common stock fund (Cost, 1998: $4,641,877;
1997: $2,541,702) 7,537,177 4,612,846
Other investments (Cost, 1998: $9,266,561; 1997: $8,040,547) 11,458,480 9,374,637
Money market funds (Cost, 1998: $6,613,870; 1997: $5,851,112) 6,613,870 5,851,112
Promissory notes (Cost, 1998: $1,758,696; 1997: $1,490,356) 1,758,696 1,490,356
------------- ------------
118,280,891 96,848,259
------------- ------------
RECEIVABLES
Interest and dividends 563,957 19,299
Employer contributions 1,306,218 1,717,390
Employees' contributions -0- 53,354
Other receivables 815 52,622
------------- ------------
1,870,990 1,842,665
------------- -------------
OVERDRAFT (30,096) -0-
PAYABLE TO BROKER (2,981) -0-
------------- -------------
PLAN EQUITY $ 120,118,804 $ 98,690,924
============= ============
</TABLE>
See Notes to Financial Statements
-2-
<PAGE> 5
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
------------- ----------- -----------
<S> <C> <C> <C>
NET INVESTMENT INCOME
Net unrealized appreciation of investments $ 10,742,581 $27,782,326 $ 6,016,218
Dividends - employer securities 2,771,681 1,254,927 1,060,309
Dividends and interest - other investments 1,868,277 583,909 779,370
------------- ----------- -----------
15,382,539 29,621,162 7,855,897
------------- ----------- -----------
REALIZED GAINS ON INVESTMENTS
Employer securities 6,094,758 655,605 837,399
Other securities 719,248 744,604 168,707
------------- ----------- -----------
6,814,006 1,400,209 1,006,106
------------- ----------- -----------
CONTRIBUTIONS
Employer 1,595,622 1,717,390 1,502,485
Plan participants 8,327,622 4,016,307 3,072,644
------------- ----------- -----------
9,923,244 5,733,697 4,575,129
------------- ----------- -----------
TRANSFER FROM OTHER PLANS 2,889,668 712,179 547,453
------------- ----------- -----------
Total Additions 35,009,457 37,467,247 13,984,585
------------- ----------- -----------
ADMINISTRATIVE EXPENSES 60,471 -0- 15,585
------------- ----------- -----------
WITHDRAWALS, LAPSES AND FORFEITURES
Balance of employees' accounts withdrawn 13,580,028 3,907,509 4,850,158
Forfeited balances, reallocated (58,922) 68,420 25,172
------------- ----------- -----------
Amounts disbursed 13,521,106 3,975,929 4,875,330
------------- ----------- -----------
Total Deductions 13,581,577 3,975,929 4,890,915
------------- ----------- -----------
NET INCREASE IN PLAN EQUITY 21,427,880 33,491,318 9,093,670
PLAN EQUITY, BEGINNING OF YEAR 98,690,924 65,199,606 56,105,936
------------- ----------- -----------
PLAN EQUITY, END OF YEAR $ 120,118,804 $98,690,924 $65,199,606
============= =========== ===========
</TABLE>
Section Notes to Financial Statements
-3-
<PAGE> 6
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 1: DESCRIPTION OF PLAN
GENERAL
First Commercial Corporation 401(k) Plan is a defined contribution plan and
is administered in conformity with the laws of the State of Arkansas, and the
applicable provisions of the Internal Revenue Code and the Employee Retirement
Income Security Act of 1974.
On July 31, 1998, First Commercial Corporation merged with and into Regions
Financial Corporation. First Commercial Corporation 401(k) Plan is expected to
merge with and into Regions Financial Corporation Profit Sharing Plan January 1,
2001.
The description of the Plan provides only general information. Employees
should refer to the pamphlet "Benefits For Our Employees" for a more complete
description of the Plan's provisions. Copies of the pamphlet are available from
the Human Resources Department.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
ADMINISTRATION
The Plan is administered by the following parties: (a) Regions Financial
Corporation Benefits Manager acts as Plan Administrator and business manager of
the Plan, and (b) the Trustee, Regions Bank Trust Department, who is responsible
for the depository and interest management of the Plan's assets.
-4-
<PAGE> 7
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 1: DESCRIPTION OF PLAN (CONTINUED)
CONTRIBUTIONS
Salary Deferral Election
Participating employees may contribute a portion of their annual salary to
the Plan, and that amount will be deferred under the provisions of Section
401(k). However, certain restrictions apply to the amount the most highly
paid participants may have deferred in relation to all other participants.
The participants' contributions are fully vested at all times.
The employee may contribute a maximum of 15% of their annual salary. The
Company will match 30% and 40% of each employee's contribution not in excess
of 6% of annual salary for employees with up to five years and over five
years of service, respectively. The Company's contribution will become fully
vested after five years of service. During 1998, 1997 and 1996, the
employer's matching contribution was deposited in the Company Stock Fund.
The Company contributed $876,477, $961,410, and $836,753 in matching funds
for the years ended December 31, 1998, 1997 and 1996, respectively.
As of December 31, 1997, employees' contributions may be invested at the
employee's discretion in one of four ways: (A) Common Stock Fund, (B) Bond
Fund, (C) U.S. Treasury Fund or (D) Company Stock Fund.
(A) Consists of up to 40% traditional growth stocks; 25% higher yielding
stocks; 10% more aggressive growth stocks; 20% international stocks; and
5% money market funds.
(B) Consists of a blend of three fixed income funds to provide greater
diversification and safety.
(C) Invests exclusively in guaranteed U. S. Government Securities.
(D) Consists of First Commercial Corporation common stock.
During 1998, the above mentioned Funds were transferred to Regions Financial
Corporation funds which had similar characteristics.
As of December 31, 1998, employees' contributions may be invested at the
employee's discretion in one of seven ways: (A) Regions Common Stock Fund, (B)
Fidelity International Equity Fund, (C) Regions Aggressive Growth Fund, (D)
Regions Growth Fund, (E) Regions Fixed Income Fund, (F) Regions Balanced Fund,
or (G) Regions Treasury Money Market Fund.
-5-
<PAGE> 8
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 1: DESCRIPTION OF PLAN (CONTINUED)
(A) Consists of Regions Financial Corporation common stock.
(B) Consists of mid- to large-cap companies worldwide outside the United States.
(C) Consists primarily of stocks issued by small and medium-size, younger
companies with above-average prospects for growth.
(D) Invests in growth-oriented stocks issued by large, well-established U.S.
companies with strong balance sheets and a record of attractive dividend
payments.
(E) Consists of a broad range of intermediate-term, U.S. government and
high-quality corporate bonds.
(F) Consists of a range of corporate bonds, U.S. government bonds and high
quality stocks.
(G) Invests in money market securities directly issued by the U.S. Treasury.
DISCRETIONARY TRUST
The Plan also receives discretionary contributions from each participating
employer subsidiary. These contributions are allocated to each participant based
upon their annual eligible salary and are invested in Regions Financial
Corporation common stock. Contributions by participating employers were as
follows for the years ended December 31:
<TABLE>
<CAPTION>
1998 1997 1996
--------- --------- ----------
<S> <C> <C> <C>
First Commercial Corporation $ 200,000 $ 200,000 $ 200,000
Morrilton Security Bank, N.A. 8,940 11,016 10,236
First National Bank of Russellville 23,231 21,754 24,375
First National Bank of Conway 31,795 56,000 47,500
Security Bank of Harrison 13,538 19,000 20,000
Benton State Bank 25,436 37,000 30,000
Arkansas Bank & Trust Company 44,376 75,700 73,593
First Commercial Bank of Memphis, N.A. 48,821 61,002 15,540
Farmers & Merchants of Rogers 11,128 7,800 -0-
Tyler Bank and Trust, N.A. 45,915 36,450 28,107
Lufkin National Bank 15,453 20,841 16,503
The Stone Fort National Bank 15,932 24,080 16,180
Longview National Bank 15,880 11,151 12,812
Clinton State Bank 8,017 10,000 9,000
</TABLE>
-6-
<PAGE> 9
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 1: DESCRIPTION OF PLAN (CONTINUED)
<TABLE>
<CAPTION>
1998 1997 1996
----------- ----------- -----------
<S> <C> <C> <C>
First National Bank of Palestine $ 12,632 $ 15,168 $ 14,124
Kilgore First National Bank 19,265 15,500 22,333
State First National Bank - Arkansas and Texas Branches 74,376 94,692 83,193
Arkansas State Bank - Clarksville 19,863 17,500 20,000
First National Bank of Nashville 9,709 11,637 11,280
Citizens First Bank - Arkadelphia 6,393 4,605 6,836
Citizens First Bank - Fordyce 5,727 5,084 4,120
First Bank of Jonesboro 37,880 -0- -0-
First National Bank of Searcy 24,838 -0- -0-
----------- ----------- -----------
$ 719,145 $ 755,980 $ 665,732
=========== =========== ===========
</TABLE>
PARTICIPANTS' BENEFITS
Distribution of benefits from the 401(k) Plan are distributed at death,
disability, retirement, termination of employment, age 59-1/2 or hardship.
Benefits are distributed in cash or Regions Financial Corporation common stock.
The distribution (100%) is made within 60 days of retirement, death or permanent
disability and within 90 days after the Plan's year-end of the year in which the
participant terminates his employment with the Corporation.
Distribution of stock to participants represents the market value of the
Corporation's common stock at the date of distribution plus any cash distributed
for fractional shares.
PARTICIPANTS
All employees of Regions Financial Corporation, West Region who are 21 years
of age or over and have worked a minimum of 90 days and are scheduled to work at
least 25 hours per week per year are eligible to make contributions to the Plan.
After one year of service, employees are eligible to receive employer matching
contributions and discretionary employer contributions.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
VALUATION OF INVESTMENTS
Investments are stated at quoted market values, determined on the last
business day of the year.
-7-
<PAGE> 10
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINED)
OTHER
Purchases and sales of securities are reflected on a trade date basis.
Dividend income and interest income are recorded as earned on an accrual
basis.
Gains or losses are determined on the average cost basis.
The Plan participates in the Corporation's Dividend Reinvestment Plan,
whereby dividends received may be used to purchase additional shares of stock.
EXPENSES OF THE PLAN
Substantially all expenses incurred in the administration of the Plan are
voluntarily paid by the Corporation as shown below for the years ended December
31. During 1998 the Corporation did not track reimbursement of Plan
administration expenses paid by the Corporation.
<TABLE>
<CAPTION>
1998 1997 1996
--------- --------- ---------
<S> <C> <C> <C>
Annual fees $ -0- $ 278,898 $ 225,915
Allocation fees -0- 104,531 28,107
Miscellaneous 60,471 9,800 1,025
--------- --------- ---------
Gross administration expenses 60,471 393,229 255,047
Reimbursement of administration expenses -0- (393,229) (239,462)
--------- --------- ---------
Net administration expenses $ 60,471 $ -0- $ 15,585
========= ========= =========
</TABLE>
PLAN AMENDMENTS
Effective April 21, 1998, the Plan was amended to adjust vesting percentages
to 100% for all those employees who are involuntarily terminated from employment
without cause.
-8-
<PAGE> 11
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 3: PLAN TERMINATION
The Corporation reserves the right to terminate the Plan at any time,
although it has no present intentions to do so. In the event the Plan is
terminated, the respective account balances of the participants shall become
fully vested and non-forfeitable.
NOTE 4: INVESTMENTS
The following table represents the fair values of investments held by the
Plan at December 31:
<TABLE>
<CAPTION>
1998 1997
----------- -----------
<S> <C> <C>
Common stock - employer (2,255,170 and 1,288,176 shares) $90,912,668 $75,519,308
----------- -----------
Employee Benefit Common Stock Fund (60,445 and 45,674 shares) 7,537,177 4,612,846
----------- -----------
OTHER INVESTMENTS
Employee Benefit Special Growth Fund (21,457 and 21,191 shares) 4,400,034 3,559,773
Employee Benefit Governmental Corporate Bond Fund (154,542 and 144,288 shares) 3,502,781 3,005,311
Fidelity Advisor Series VII Overseas Instl. (106,548 and 130,309 shares) 1,847,539 2,057,589
Fidelity Advisor Balanced Fund (38,410 shares) 719,807 -0-
Federated Prime Value Fund (226,861 shares) 226,861 -0-
Group Annuity Contract 401,164 387,405
Certificate of Participation 360,294 364,559
----------- -----------
$11,458,480 $ 9,374,637
=========== ===========
</TABLE>
-9-
<PAGE> 12
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 4: INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
1998 1997
----------- -----------
<S> <C> <C>
MONEY MARKET FUNDS
Regions Treasury Money Market $ 6,613,870 $ -0-
Fidelity Money Market Portfolio -0- 5,851,112
------------ -----------
6,613,870 5,851,112
------------ -----------
Promissory notes 1,758,696 1,490,356
------------ -----------
$118,280,891 $96,848,259
============ ===========
</TABLE>
The Plan's investments appreciated in fair value for each year in the
three-year period ended December 31, 1998, as follows:
<TABLE>
<CAPTION>
1998 1997 1996
------------ ------------ ------------
<S> <C> <C> <C>
Unrealized appreciation, beginning of period $ 58,695,122 $ 30,912,796 $ 24,896,578
Unrealized appreciation, during the period 10,742,581 27,782,326 6,016,218
------------ ------------ ------------
Unrealized appreciation, end of period $ 69,437,703 $ 58,695,122 $ 30,912,796
============ ============ ============
</TABLE>
-10-
<PAGE> 13
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 4: INVESTMENTS (CONTINUED)
Realized gains on investments are summarized below:
<TABLE>
<CAPTION>
1998 1997 1996
---------- ---------- ----------
<S> <C> <C> <C>
Investment in common stock - employer
Cost $2,307,153 $ 178,362 $ 599,839
Sales price 8,401,911 833,967 1,437,238
---------- ---------- ----------
Gain 6,094,758 655,605 837,399
---------- ---------- ----------
Investment in other securities
Cost 2,730,792 4,723,719 549,862
Sales price 3,450,040 5,468,323 718,569
---------- ---------- ----------
Gain (loss) 719,248 744,604 168,707
---------- ---------- ----------
$6,814,006 $1,400,209 $1,006,106
========== ========== ==========
</TABLE>
NOTE 5: TAX STATUS
The Plan obtained its latest determination letter on July 14, 1998, in
which the Internal Revenue Service stated that the Plan, as then designed, was
in compliance with the applicable requirements of the Internal Revenue Code.
The Plan's participants are not taxed until they withdraw benefits from the
Plan.
NOTE 6: ADDITIONAL BANKS INCLUDED IN PLAN
The following banks were included in the Plan on the date indicated with
transfers from the terminated plans as listed below:
-11-
<PAGE> 14
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 6: ADDITIONAL BANKS INCLUDED IN PLAN (CONTINUED)
<TABLE>
<CAPTION>
Subsidiary Effective Date Transfer
---------- ----------------- --------------
<S> <C> <C>
Morrilton Security Bank, N.A. January 1, 1987 $ 598,860
First National Bank of Russellville January 1, 1987 1,583,425
First National Bank of Conway January 1, 1987 -0-
Security Bank of Harrison January 1, 1989 32,354
Benton State Bank January 1, 1990 709,820
Arkansas Bank & Trust Company July 1, 1990 1,934,961
First Commercial Bank of Memphis, N.A. August 1, 1990 -0-
Farmers & Merchants of Rogers August 1, 1992 196,502
Tyler Bank and Trust, N.A. February 13, 1993 -0-
Lufkin National Bank February 13, 1993 -0-
The Stone Fort National Bank November 1, 1993 -0-
Longview National Bank November 1, 1993 -0-
Clinton State Bank September 1, 1994 -0-
First National Bank of Palestine January 1, 1995 490,597
Kilgore First National Bank January 1, 1995 1,217,599
State First National Bank - Arkansas and Texas Branches January 1, 1995 2,371,627
FDH Bancshares November 30, 1995 2,765,049
Arkansas State Bank - Clarksville December 31, 1995 200,460
First Bank of Jonesboro January 1, 1998 -0-
First National Bank of Searcy January 1, 1998 -0-
</TABLE>
Rollover contributions of $32,987 and $712,179 were received from new
employees transferring from other plans during 1998 and 1997, respectively.
NOTE 7: PROMISSORY NOTES
During the years ended 1998 and 1997, the Plan made secured loans totaling
$1,034,850 and $992,420, respectively, to Plan participants. These loans are
payable in semi-monthly installments. Interest is charged at rates ranging from
7% to 14%. As of December 31, 1998, the remaining principal balance due on these
loans was $1,758,696, with maturity dates ranging from January 1999 to May 2029.
As of December 31, 1997, the remaining principal balance due on these loans was
$1,490,356, with maturity dates ranging from January 1998 to May 2027.
-12-
<PAGE> 15
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 8: YEAR 2000 ISSUE
Like all entities, the Plan is exposed to risks associated with the Year
2000 Issue, which affects computer software and hardware; transactions with
customers, vendors and other entities; and equipment dependent on microchips.
The Plan has begun but not yet completed the process of identifying and
remediating potential Year 2000 problems. It is not possible for any entity to
guarantee the results of its own remediation efforts or to accurately predict
the impact of the Year 2000 Issue on third parties with which the Plan does
business. If remediation efforts of the Plan or third parties with which it does
business are not successful, the Year 2000 problem could have negative effects
on the Plan's financial condition and results of operations in the near term.
-13-
<PAGE> 16
NOTE 9: INVESTMENT PROGRAMS
The following tables detail the net assets and the changes in net assets by
investment program.
ALLOCATION OF PLAN EQUITY AVAILABLE
FOR PLAN BENEFITS TO INVESTMENT PROGRAMS
DECEMBER 31, 1998
<TABLE>
<CAPTION>
Employee
Stock
401(k) 401(k) 401(k) Ownership Regions Fidelity
Common 401(k) U.S. Company Plan and Common International
Stock Bond Treasury Stock Discretionary Stock Equity
Fund Fund Fund Fund Trust Fund Fund
------ ------ -------- ------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments
Common stock -
employer
securities $ -0- $ -0- $ -0- $ -0- $ -0- $ 90,912,668 $ -0-
Employee benefit
common stock
fund -0- -0- -0- -0- -0- -0- -0-
Other investments -0- -0- -0- -0- -0- -0- 1,847,539
Money market
funds -0- -0- -0- -0- -0- -0- -0-
Promissory notes -0- -0- -0- -0- -0- 1,758,696 -0-
Receivables
Interest and
dividends -0- -0- -0- -0- -0- 522,362 -0-
Employer
contribution -0- -0- -0- -0- -0- 1,306,218 -0-
Employee
contribution -0- -0- -0- -0- -0- -0- -0-
Other receivables
(payables) -0- -0- -0- -0- -0- 815 -0-
------ ------ -------- ------- ------------- ------------- -------------
PLAN EQUITY $ -0- $ -0- $ -0- $ -0- $ -0- $ 94,500,759 $ 1,847,539
====== ====== ======== ======= ============= ============= =============
</TABLE>
-14-
<PAGE> 17
<TABLE>
<CAPTION>
Regions
Regions Regions Treasury
Aggressive Regions Fixed Regions Money
Growth Growth Income Balanced Market
Fund Fund Fund Fund Fund Other Total
------------ ------------ ------------ ----------- ------------ ---------- -------------
<S> <S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments
Common stock -
employer
securities $ -0- $ -0- $ -0- $ -0- $ -0- $ -0- $ 90,912,668
Employee benefit
common stock
fund -0- 7,537,177 -0- -0- -0- -0- 7,537,177
Other investments 4,400,034 -0- 3,502,780 719,807 226,861 761,459 11,458,480
Money market
funds -0- -0- -0- -0- 6,562,710 51,160 6,613,870
Promissory notes -0- -0- -0- -0- -0- -0- 1,758,696
Receivables
Interest and
dividends -0- -0- -0- -0- 37,116 4,479 563,957
Employer
contribution -0- -0- -0- -0- -0- -0- 1,306,218
Employee
contribution -0- -0- -0- -0- -0- -0- -0-
Other receivables
(payables) -0- -0- -0- -0- (33,077) -0- (32,262)
------------ ------------ ------------ ---------- ------------ ---------- -------------
PLAN EQUITY $ 4,400,034 $ 7,537,177 $ 3,502,780 $ 719,807 $ 6,793,610 $ 817,098 $ 120,118,804
============ ============ ============ ========== ============ ========== =============
</TABLE>
<PAGE> 18
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 9: INVESTMENT PROGRAMS (CONTINUED)
ALLOCATION OF PLAN EQUITY AVAILABLE
FOR PLAN BENEFITS TO INVESTMENT PROGRAMS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Employee
Stock
401(k) 401(k) 401(k) Ownership
Common 401(k) U.S. Company Plan and
Stock Bond Treasury Stock Discretion-
Fund Fund Fund Fund ary Trust Other Total
------------ ---------- ----------- ------------ ----------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments
Common stock -
employer
securities $ -0- $ -0- $ -0- $ 40,521,405 $34,997,903 $ -0- $75,519,308
Other investments 10,230,208 3,005,311 -0- -0- -0- 751,964 13,987,483
Money market
funds 61,573 -0- 5,626,429 137,760 -0- 25,350 5,851,112
Promissory notes 242,172 99,679 137,194 1,011,311 -0- -0- 1,490,356
Receivables
Interest and
dividends -0- -0- -0- (1,057) 20,356 -0- 19,299
Employer
contributions -0- -0- -0- 961,410 755,980 -0- 1,717,390
Employee
contributions 30,934 9,562 8,848 4,010 -0- -0- 53,354
Other receivables
(payables) (6,482) 307 (21,973) 70,392 10,540 (162) 52,622
------------ ---------- ----------- ------------ ----------- -------- -----------
PLAN EQUITY $ 10,558,405 $3,114,859 $ 5,750,498 $ 42,705,231 $35,784,779 $777,152 $98,690,924
============ ========== =========== ============ =========== ======== ===========
</TABLE>
-15-
<PAGE> 19
FIRST COMMERCIAL CORPORATION
401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 9: INVESTMENT PROGRAMS (CONTINUED)
ALLOCATION OF INCOME AND CHANGES
IN PLAN EQUITY BY INVESTMENT PROGRAM
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
Employee Stock
401(k) 401(k) 401(k) Ownership Regions Fidelity
Common 401(k) U.S. Company Plan and Common International
Stock Bond Treasury Stock Discretionary Stock Equity
Fund Fund Fund Fund Trust Fund Fund
----------- ---------- ---------- ----------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
Net unrealized appreciation
(depreciation) of investments $ -0- $ -0- $ -0- $ -0- $ -0- $ 9,060,596 $ 152,385
Dividends - employer
securities -0- -0- -0- 407,101 332,519 3,692,114 -0-
Dividends and interest - other 5,713 6,696 5,548 55,445 -0- 1,074,327 56,281
----------- ---------- ---------- ----------- ----------- ------------ -----------
5,713 6,696 5,548 462,546 332,519 13,827,037 208,666
----------- ---------- ---------- ----------- ----------- ------------ -----------
REALIZED GAIN (LOSS) ON
INVESTMENTS
Employer securities -0- -0- -0- 824,355 -0- 3,615,182 -0-
Other securities 164,475 10,874 -0- -0- -0- -0- 17,196
----------- ---------- ---------- ----------- ----------- ------------ -----------
164,475 10,874 -0- 824,355 -0- 3,615,182 17,196
----------- ---------- ---------- ----------- ----------- ------------ -----------
CONTRIBUTIONS
Employer -0- -0- -0- -0- -0- 1,595,622 -0-
----------
Plan participants 1,292,680 547,183 429,654 5,646,410 -0- 1,074,487 90,281
----------- ---------- ---------- ----------- ----------- ------------ ----------
1,292,680 547,183 429,654 5,646,410 -0- 2,670,109 90,281
----------- ---------- ---------- ----------- ----------- ------------ ----------
TRANSFER FROM (TO)
OTHER PLANS (11,541,839) (3,678,224) (6,113,318) (45,452,269) (36,117,298) 80,700,324 1,714,570
----------- ---------- ---------- ----------- ----------- ------------ ----------
Total additions (10,078,971) (3,113,471) (5,678,116) (38,518,958) (35,784,779) 100,812,652 2,030,713
----------- ---------- ---------- ----------- ----------- ------------ ----------
ADMINISTRATIVE
EXPENSES -0- -0- -0- 60,094 -0- -0- -0-
----------- ---------- ---------- ----------- ----------- ------------ ----------
WITHDRAWALS, LAPSES
AND FORFEITURES
Balance of employees' accounts
withdrawn 479,434 1,388 72,382 4,248,264 -0- 6,247,880 183,174
Forfeited balances, reallocated -0- -0- -0- (61,661) -0- 3,919 -0-
----------- ---------- ---------- ----------- ----------- ------------ ----------
Amounts disbursed 479,434 1,388 72,382 4,186,273 -0- 6,251,799 183,174
----------- ---------- ---------- ----------- ----------- ------------ ----------
Total Deductions 479,434 1,388 72,382 4,186,273 -0- 6,311,893 183,714
----------- ---------- ---------- ----------- ----------- ------------ ----------
NET INCREASE (DECREASE)
IN PLAN EQUITY (10,558,405) (3,114,859) (5,750,498) (42,705,231) (35,784,779) 94,500,759 1,847,539
PLAN EQUITY, BEGINNING
OF YEAR 10,558,405 3,114,859 5,750,498 42,705,231 35,784,779 -0- -0-
----------- ---------- ---------- ----------- ----------- ------------ ---------
PLAN EQUITY, END OF
YEAR $ -0- $ -0- $ -0- $ -0- $ -0- $ 94,500,759 $1,847,539
=========== ========== ========== =========== =========== ============ ==========
<CAPTION>
Regions
Aggressive
Growth
Fund
----------
<S> <C>
NET INVESTMENT INCOME
Net unrealized appreciation
(depreciation) of investments $ 480,684
Dividends - employer
securities -0-
Dividends and interest - other 243,626
----------
724,310
----------
REALIZED GAIN (LOSS) ON
INVESTMENTS
Employer securities -0-
Other securities 74,436
----------
74,436
----------
CONTRIBUTIONS
Employer -0-
Plan participants 210,131
----------
210,131
----------
TRANSFER FROM (TO)
OTHER PLANS 3,777,030
----------
Total additions 4,785,907
----------
ADMINISTRATIVE
EXPENSES -0-
----------
WITHDRAWALS, LAPSES
AND FORFEITURES
Balance of employees' accounts
withdrawn 385,873
Forfeited balances, reallocated -0-
----------
Amounts disbursed 385,873
----------
Total Deductions 385,873
----------
NET INCREASE (DECREASE)
IN PLAN EQUITY 4,400,034
PLAN EQUITY, BEGINNING
OF YEAR -0-
----------
PLAN EQUITY, END OF
YEAR $4,400,034
==========
</TABLE>
-16-
<PAGE> 20
<TABLE>
<CAPTION>
Regions Regions
Regions Fixed Regions Treasury
Growth Income Balanced Money Market
Fund Fund Fund Fund Other Total
---------- ---------- --------- ----------- -------- -------------
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
Net unrealized appreciation
(depreciation) of investments $ 824,156 $ 231,476 $ (6,720) $ -0- $ 4 $ 10,742,589
Dividends - employer
securities -0- -0- -0- -0- -0- 4,431,734
Dividends and interest - other 380,519 44,544 25,428 215,911 58,647 2,172,685
---------- ---------- --------- ----------- -------- -------------
1,204,675 276,020 18,708 215,911 58,651 17,347,000
---------- ---------- --------- ----------- -------- -------------
REALIZED GAIN (LOSS) ON
INVESTMENTS
Employer securities -0- -0- -0- -0- -0- 4,439,537
Other securities 116,262 13,610 17,987 -0- -0- 410,008
---------- ---------- --------- ----------- -------- -------------
116,262 13,610 17,987 -0- -0- 4,849,545
---------- ---------- --------- ----------- -------- -------------
CONTRIBUTIONS
Employer -0- -0- -0- -0- -0- 1,595,622
Plan participants 325,214 151,038 50,082 227,852 -0- 10,045,012
---------- ---------- --------- ----------- -------- -------------
325,214 151,038 50,082 227,852 -0- 11,640,634
---------- ---------- --------- ----------- -------- -------------
TRANSFER FROM (TO)
OTHER PLANS 6,487,398 3,318,191 665,811 7,407,070 -0- 1,172,278
---------- ---------- --------- ----------- -------- -------------
Total additions 8,133,549 3,758,859 752,588 7,850,833 58,651 35,009,457
---------- ---------- --------- ----------- -------- -------------
ADMINISTRATIVE
EXPENSES -0- -0- -0- -0- 377 60,471
---------- ---------- --------- ----------- -------- -------------
WITHDRAWALS, LAPSES
AND FORFEITURES
Balance of employees' accounts
withdrawn 596,372 256,079 32,781 1,058,073 18,328 13,580,028
Forfeited balances, reallocated -0- -0- -0- (850) -0- (58,922)
---------- ---------- --------- ----------- -------- -------------
Amounts disbursed 596,372 256,079 32,781 1,057,223 18,328 13,521,106
---------- ---------- --------- ----------- -------- -------------
Total Deductions 596,372 256,079 32,781 1,057,223 18,705 13,581,577
---------- ---------- --------- ----------- -------- -------------
NET INCREASE (DECREASE)
IN PLAN EQUITY 7,537,177 3,502,780 719,807 6,793,610 39,946 21,427,880
PLAN EQUITY, BEGINNING
OF YEAR -0- -0- -0- -0- 777,152 98,690,924
---------- ---------- --------- ----------- -------- -------------
PLAN EQUITY, END OF
YEAR $7,537,177 $3,502,780 $ 719,807 $ 6,793,610 $817,098 $ 120,118,804
========== ========== ========= =========== ======== =============
</TABLE>
<PAGE> 21
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 9: INVESTMENT PROGRAMS (CONTINUED)
ALLOCATION OF INCOME AND CHANGES
IN PLAN EQUITY BY INVESTMENT PROGRAM
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
Employee
Stock
401(k) 401(k) 401(k) Ownership
Common 401(k) U.S. Company Plan and
Stock Bond Treasury Stock Discretionary
Fund Fund Fund Fund Trust
------------ ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
Net unrealized appreciation of
investments $ 1,422,448 $ 106,973 $ -0- $ 14,340,996 $ 11,908,921
Dividends - employer securities -0- -0- -0- 596,085 658,842
Dividends and interest - other 126,422 10,556 299,196 119,813 14,642
------------ ----------- ------------ ------------ -------------
1,548,870 117,529 299,196 15,056,894 12,582,405
------------ ----------- ------------ ------------ -------------
REALIZED GAIN (LOSS) ON
INVESTMENTS
Employer securities -0- -0- -0- -0- 655,605
Other securities 742,509 2,193 -0- (92) -0-
------------ ----------- ------------ ------------ -------------
742,509 2,193 -0- (92) 655,605
------------ ----------- ------------ ------------ -------------
CONTRIBUTIONS
Employer -0- -0- -0- 961,410 755,980
Plan participants 924,104 280,487 813,872 1,997,844 -0-
------------ ----------- ------------ ------------ -------------
924,104 280,487 813,872 2,959,254 755,980
------------ ----------- ------------ ------------ -------------
TRANSFER FROM (TO) OTHER
PLANS (272,706) (249,475) 141,520 1,092,840 -0-
------------ ----------- ------------ ------------ -------------
Total Additions 2,942,777 150,734 1,254,588 19,108,896 13,993,990
------------ ----------- ------------ ------------ -------------
ADMINISTRATIVE EXPENSES -0- -0- -0- -0- -0-
------------ ----------- ------------ ------------ -------------
WITHDRAWALS, LAPSES AND
FORFEITURES
Balance of employees' accounts
withdrawn 429,543 176,221 599,578 1,308,244 1,359,018
Forfeited balances, reallocated -0- -0- -0- 27,794 40,626
------------ ----------- ------------ ------------ -------------
Amounts disbursed 429,543 176,221 599,578 1,336,038 1,399,644
------------ ----------- ------------ ------------ -------------
Total Deductions 429,543 176,221 599,578 1,336,038 1,399,644
------------ ----------- ------------ ------------ -------------
NET INCREASE (DECREASE) IN
PLAN EQUITY 2,513,234 (25,487) 655,010 17,772,858 12,594,346
PLAN EQUITY, BEGINNING OF
YEAR 8,045,171 3,140,346 5,095,488 24,932,373 23,190,433
------------ ----------- ------------ ------------ -------------
PLAN EQUITY, END OF YEAR $ 10,558,405 $ 3,114,859 $ 5,750,498 $ 42,705,231 $ 35,784,779
============ =========== ============ ============ =============
<CAPTION>
Other Total
---------- ------------
<S> <C> <C>
NET INVESTMENT INCOME
Net unrealized appreciation of
investments $ 2,988 $ 27,782,326
Dividends - employer securities -0- 1,254,927
Dividends and interest - other 13,280 583,909
---------- ------------
16,268 29,621,162
---------- ------------
REALIZED GAIN (LOSS) ON
INVESTMENTS
Employer securities -0- 655,605
Other securities (6) 744,604
---------- ------------
(6) 1,400,209
---------- ------------
CONTRIBUTIONS
Employer -0- 1,717,390
Plan participants -0- 4,016,307
---------- ------------
-0- 5,733,697
---------- ------------
TRANSFER FROM (TO) OTHER
PLANS -0- 712,179
---------- ------------
Total Additions 16,262 37,467,247
---------- ------------
ADMINISTRATIVE EXPENSES -0- -0-
---------- ------------
WITHDRAWALS, LAPSES AND
FORFEITURES
Balance of employees' accounts
withdrawn 34,905 3,907,509
Forfeited balances, reallocated -0- 68,420
---------- ------------
Amounts disbursed 34,905 3,975,929
---------- ------------
Total Deductions 34,905 3,975,929
---------- ------------
NET INCREASE (DECREASE) IN
PLAN EQUITY (18,643) 33,491,318
PLAN EQUITY, BEGINNING OF
YEAR 795,795 65,199,606
---------- ------------
PLAN EQUITY, END OF YEAR
$ 777,152 $ 98,690,924
========== ============
</TABLE>
-17-
<PAGE> 22
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 9: INVESTMENT PROGRAMS (CONTINUED)
ALLOCATION OF INCOME AND CHANGES
IN PLAN EQUITY BY INVESTMENT PROGRAM
YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
Employee
Stock
401(k) 401(k) 401(k) Ownership
Common 401(k) U.S. Company Plan and
Stock Bond Treasury Stock Discretionary
Fund Fund Fund Fund Trust Other
------------ ----------- ------------ ------------ ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
Net unrealized appreciation
(depreciation) of investments $ 860,258 $ (25,067) $ -0- $ 3,279,389 $ 1,891,809 $ 9,829
Dividends - employer securities -0- -0- -0- 523,031 537,278 -0-
Dividends and interest - other 189,419 149,199 310,534 66,707 4,091 59,420
------------ ----------- ------------ ------------ ----------- ----------
1,049,677 124,132 310,534 3,869,127 2,433,178 69,249
------------ ----------- ------------ ------------ ----------- ----------
REALIZED GAIN ON
INVESTMENTS
Employer securities -0- -0- -0- 3 837,396 -0-
Other securities 161,992 6,710 -0- -0- -0- 5
------------ ----------- ------------ ------------ ----------- ----------
161,992 6,710 -0- 3 837,396 5
------------ ----------- ------------ ------------ ----------- ----------
CONTRIBUTIONS
Employer -0- -0- -0- 836,753 665,732 -0-
Plan participants 785,090 311,713 391,545 1,555,462 -0- 28,834
------------ ----------- ------------ ------------ ----------- ----------
785,090 311,713 391,545 2,392,215 665,732 28,834
------------ ----------- ------------ ------------ ----------- ----------
TRANSFER FROM (TO)
OTHER PLANS 257,718 72,892 100,653 2,261,171 621,905 (2,766,886)
------------ ----------- ------------ ------------ ----------- ----------
Total Additions 2,254,477 515,447 802,732 8,522,516 4,558,211 (2,668,798)
------------ ----------- ------------ ------------ ----------- ----------
ADMINISTRATIVE EXPENSES 1,721 950 1,595 7,065 4,228 26
------------ ----------- ------------ ------------ ----------- ----------
WITHDRAWALS, LAPSES AND
FORFEITURES
Balance of employees' accounts 532,262 376,716 1,039,852 1,128,113 1,715,439 57,776
withdrawn
Forfeited balances, reallocated -0- -0- -0- 24,946 226 -0-
------------ ----------- ------------ ------------ ----------- ----------
Amounts disbursed 532,262 376,716 1,039,852 1,153,059 1,715,665 57,776
------------ ----------- ------------ ------------ ----------- ----------
Total Deductions 533,983 377,666 1,041,447 1,160,124 1,719,893 57,802
------------ ----------- ------------ ------------ ----------- ----------
NET INCREASE (DECREASE)
IN PLAN EQUITY 1,720,494 137,781 (238,715) 7,362,392 2,838,318 (2,726,600)
PLAN EQUITY, BEGINNING
OF YEAR 6,324,677 3,002,565 5,334,203 17,569,981 20,352,115 3,522,395
------------ ----------- ------------ ------------ ----------- ----------
PLAN EQUITY, END OF YEAR $ 8,045,171 $ 3,140,346 $ 5,095,488 $ 24,932,373 $23,190,433 $ 795,795
------------ ----------- ------------ ------------ ----------- ----------
<CAPTION>
Total
-----------
<S> <C>
NET INVESTMENT INCOME
Net unrealized appreciation
(depreciation) of investments $ 6,016,218
Dividends - employer securities 1,060,309
Dividends and interest - other 779,370
-----------
7,855,897
-----------
REALIZED GAIN ON
INVESTMENTS
Employer securities 837,399
Other securities 168,707
-----------
1,006,106
-----------
CONTRIBUTIONS
Employer 1,502,485
Plan participants 3,072,644
-----------
4,575,129
-----------
TRANSFER FROM (TO)
OTHER PLANS 547,453
-----------
Total Additions 13,984,585
-----------
ADMINISTRATIVE EXPENSES 15,585
-----------
WITHDRAWALS, LAPSES AND
FORFEITURES
Balance of employees' accounts 4,850,158
withdrawn
Forfeited balances, reallocated 25,172
-----------
Amounts disbursed 4,875,330
-----------
Total Deductions 4,890,915
-----------
NET INCREASE (DECREASE)
IN PLAN EQUITY 9,093,670
PLAN EQUITY, BEGINNING
OF YEAR 56,105,936
-----------
PLAN EQUITY, END OF YEAR $65,199,606
===========
</TABLE>
-18-
<PAGE> 23
FIRST COMMERCIAL CORPORATION
401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 10: SUBSEQUENT EVENTS
As of June 9, 1999, Regions Financial Corporation stock decreased in
value by approximately $3.094 per share since December 31, 1998. This resulted
in an unrealized depreciation of approximately $6,977,496.
A notice of Plan Merger has been filed to merge the Plan with Regions
Financial Corporation Profit Sharing Plan effective January 1, 2001.
-19-
<PAGE> 24
SUPPLEMENTARY SCHEDULES
<PAGE> 25
FIRST COMMERCIAL CORPORATION
401(K) PLAN
SCHEDULE I - INVESTMENTS
DECEMBER 31, 1998
<TABLE>
<CAPTION>
Current
Issuer Description Value Cost
------ ----------- ----- ----
<S> <C> <C> <C>
Regions Financial Corporation Common Stock
(2,255,170 shares) $ 90,912,668 $26,562,184
Employee Benefit Common Stock Fund Employee Benefit Common
Stock Fund (60,445 shares) 7,537,177 4,641,877
Employee Benefit Special Growth Fund Employee Benefit Special
Growth Fund (21,457 shares) 4,400,034 2,720,888
Employee Benefit Government/ Employee Benefit Bond Fund
Corporate Bond Fund (154,542 shares) 3,502,781 3,122,646
Fidelity Advisor Series VII Mutual Fund (106,548 shares) 1,847,539 1,708,185
Overseas International
Fidelity Advisor Balanced Fund Mutual Fund (38,410 shares) 719,807 726,527
Federated Prime Value Fund Mutual Fund (226,861 shares) 226,861 226,857
Regions Treasury Money Market Money Market Fund 6,613,870 6,613,870
Regions Financial Corporation Promissory Notes 1,758,696 1,758,696
MBL Life Assurance Corporation Group Annuity Contract 401,164 401,164
Crescent Apartments Certification of Participation 360,294 360,294
------------ -----------
$118,280,891 $48,843,188
============ ===========
</TABLE>
-20-
<PAGE> 26
FIRST COMMERCIAL CORPORATION
401(K) PLAN
SCHEDULE I - INVESTMENTS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
Current
Issuer Description Value Cost
------ ----------- ------- ----
<S> <C> <C> <C>
First Commercial Corporation Common Stock
(1,288,176 shares) $75,519,308 $20,229,420
First Commercial Trust - Employee Employee Benefit Common
Benefit Common Stock Fund Stock Fund (45,674 shares) 4,612,846 2,541,702
First Commercial Trust - Employee Employee Benefit Special
Benefit Special Growth Fund Growth Fund (21,191 shares) 3,559,773 2,361,311
First Commercial Trust - Employee Employee Benefit Bond Fund
Benefit Government/Corporate Bond (144,288 shares) 3,005,311 2,856,652
Fund
Fidelity Advisor Series VII Mutual Fund (130,309 shares) 2,057,589 2,070,620
Overseas International
Fidelity Money Market Portfolio Money Market Fund 5,851,112 5,851,112
First Commercial Corporation Promissory Notes 1,490,356 1,490,356
MBL Life Assurance Corporation Group Annuity Contract 387,405 387,405
Crescent Apartments Certification of Participation 364,559 364,559
----------- -----------
$96,848,259 $38,153,137
=========== ===========
</TABLE>
-21-
<PAGE> 27
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
First Commercial Corporation 401(k) Plan Benefits Committee has duly
caused the annual report to be signed by the undersigned thereunto
duly authorized.
FIRST COMMERCIAL CORPORATION 401(K) PLAN
REGIONS FINANCIAL CORPORATION
Date: June 29, 1999 By: /s/ Douglas W. Graham
------------- ---------------------------------
Douglas W. Graham
Senior Vice President - Personnel
Regions Financial Corporation
<PAGE> 28
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER DESCRIPTION PAGE
- -------- ---------------------------------- ------------
23 -- Consent of Independent Accountants
<PAGE> 1
Exhibit 23
Consent of Independent Accountants
We consent to the incorporation by reference in Registration Statement No.
333-02565 on Form S-8 of our report on the financial statements included in the
annual report on Form 11-K of FIRST COMMERCIAL CORPORATION 401(K) PLAN for the
year ended December 31, 1998.
/s/ Baird, Kurtz & Dobson
Little Rock, Arkansas
June 29, 1999
