Regions Bank Gives Brass $5.3M In Stock Options

BIRMINGHAM, Ala. (AP) - Birmingham-based Regions bank has
awarded its top nine executives $5.3 million in restricted stock
and options. That action came two days before Regions suspended its
matching contribution to the 401(k) retirement plans of its 6,000
employees.
The bank awarded Chief Executive Officer Dowd Ritter 972,000
shares of stock and the right to buy 1 million more. Eight other
managers received lesser amounts as part of a long-term
incentive-pay program approved by the board last week.
An AFL-CIO union investment official, Dan Pedrotty union,
blasted the board's action. He said it shows executivesthink real
retirement is too expensive for everyone but themselves.
The restricted stock is not available for a set time and only if
the stock rises to a set price.

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