The year 2000 was a period of milestones and challenges for AmSouth as we successfully completed the largest merger integration in our company’s history while navigating a difficult economic environment for banks. During the year we doubled our customer base through the highly successful integration of First American Corporation. We also completed a comprehensive financial restructuring that addressed industry-wide economic challenges created by rapid interest rate increases. Within this complex environment, our profitability compared favorably with that of similar banks, and we increased our dividend for the thirtieth straight year. But clearly, AmSouth’s goals are much higher.

Uncertainty surrounding last year’s economic environment had a negative effect on the broad stock market, as the total return for the S&P 500 declined 9.1 percent. AmSouth’s total return was even more disappointing, falling 16.5 percent. But we believe the decisive steps we took in 2000 will lead to better performance in the future. The financial restructuring, for example, reduced our interest rate sensitivity and improved our net interest margin. It also addressed credit quality issues and improved capital ratios while creating substantial capacity on the balance sheet for more profitable loan growth in the future. We are already seeing positive results from our actions. From the time we announced our restructuring on September 22 to year-end 2000, our total return was 15.0 percent, compared to an 8.6 percent decline for the S&P 500. This trend has continued into 2001. We are confident about the future. We believe AmSouth is a more competitive company today than ever before. And we remain fully committed to our mission of producing superior returns, over time, for our shareholders.