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Birmingham is also a leading banking center, serving as home to two major banks: Regions Financial Corporation and Compass Bancshares. SouthTrust, another large bank headquartered in Birmingham, was acquired by Wachovia in 2004. The city still has major operations as one of the regional headquarters of Wachovia. In November 2006, Regions Financial merged with AmSouth Bancorporation, which was also headquartered in Birmingham.
Today, Birmingham ranks as one of the most important business centers in the Southeastern United States and is also one of the largest banking centers in the U.S. In addition, the Birmingham area serves as headquarters to one Fortune 500 company: Regions Financial. Five Fortune 1000 companies are headquartered in Birmingham.
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