On January 24, 2004, the Regions Bank subsidiary announced that it would be merging with Memphis, Tennessee-based Union Planters Bank in a $5.9 billion dollar transaction. This merger was noteworthy (at least among large banks) for the fact that Regions, the acquiring bank, did not pay a premium above the currently trading stock price of Union Planters shares. Union Planters Bank, however, was to receive an equal number of board seats within the newly formed bank. Shortly before assuming the duties of CEO of Regions Bank in 2005, Jackson W. Moore suffered a stroke but was still able to assume his new post upon recovery. After the merger, Regions adopted Union Planters' former logo of a young cotton plant.
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