As we worked to consolidate our two companies and eliminate redundancies, we also exited certain activities outside our core business, such as out-of-market dealer indirect auto loans and First American’s third-party investment marketing subsidiary. In addition, we exited markets where we had minimal market share — Arkansas, Kentucky and Virginia — in order to concentrate fully on our major markets. As a result of these and other actions, we exceeded our original cost savings goal of $133 million from the First American merger.

Expanding the AmSouth franchise The combination of AmSouth and First American created a premier Southeastern banking franchise with approximately 600 branches in six states. Many of the markets we serve are projected to grow faster than the nation and the Southeast as a whole. For example, we have a significant presence in Florida and along the I-65 Corridor through Alabama and Tennessee, both of which are projected to be among the nation’s fastest growing areas.

Within the past two years, four major new or expanded automobile manufacturing facilities have been announced for our Birmingham (Honda), Tuscaloosa (Mercedes), Huntsville (Toyota), and Jackson, Mississippi (Nissan), markets. These facilities, which represent a combined investment of more than $2 billion, are expected to employ approximately 8,000 people, making the mid-South region served by AmSouth a new automobile manufacturing center in the United States.