NEW YORK, NY — (Marketwire) — 09/21/12 — Regional Banking stocks have been some of the strongest performers in the markets. Recent stimulus measures announced by the U.S. and Europe have helped ease concerns of a global economic slowdown. The SPDR S&P Regional Banking ETF (KRE) has gained roughly 20 percent year-to-date. The Paragon Report examines investing opportunities in the Regional Banking Industry and provides equity research on Regions Financial Corp. (NYSE: RF) and KeyCorp (NYSE: KEY).
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The Federal Deposit Insurance Corp. has urged the banking industry to increase their focus on unbanked Americans. According to numbers from the FDIC-s National Survey of Unbanked and Underbanked Households the number of U.S. households that do not use banking services increased by 821,000 from 2009 to 2011. Approximately 8.2 percent of the nation-s population manages their finances without the use of bank accounts from financial institutions.
“Insured financial institutions have an important chance to grow their customer base by expanding opportunities that bring unbanked and underbanked individuals into mainstream banking,” Martin J. Gruenberg, the acting chairman of the FDIC, said in an e-mailed statement.
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Regions Financial, with $122 billion in assets, is a member of the S&P 500 Index and is one of the nation-s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. At the beginning of September the total volume of loans refinanced through Harp surpassed $1 billion, a number Regions had previously been expected to exceed by the end of 2012.
KeyCorp is one of the nation-s largest bank-based financial services companies with assets of approximately $87 billion. The company reported a second quarter net income of $221 million, or $.23 per common share, compared to $199 million, or $.21 per common share for the first quarter of 2012. Shares of the company have gained over 8 percent in the last month.
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