AmSouth was known for its low risk accounts through its specialty in Wealth Management, especially in its largest market of Birmingham, Alabama, where it started its specialty. We offer local banking, mortgages, internet banking products and local community services. Many of our checking accounts and credit cards offer instant approval. Also, find all Alabama Banks. Department of Justice. Need to make personal financial or banking decisions?
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Magazine article American Banker. Amsouth Bancorp’s problems with its brokerage unit are far from over despite a settlement with the National Association of Securities Dealers announced last Friday. Amsouth Investment Services Inc. Although Amsouth neither admitted nor denied wrongdoing, observers said the regulatory action could add fuel to a class action filed against the bank in April, alleging that its brokers amsouth investment services inc customers about investment risk. And Amsouth’s settlement will do inveestment to blunt an ongoing investigation by the Alabama Securities Commission and a separate NASD probe of two brokers who have since left Birmingham, Ala. James Underwood, senior vice president for media relations, said the company is cooperating in both investigations.
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In this joint investigation involving two states, the SEC and the securities industry, we found a number of cases of poor oversight and, in one case, outright illegal activity by an AmSouth Investment Services representative, Clark said. Most of the problems we found related to variable annuities and their unsuitability for most investors. This settlement allows all Mississippi victims to get out of their variable annuity without any penalties or sales charges, and implements new policies to protect future investors. Mississippi will receive two-thirds of the total amount; Alabama will receive one-third. AmSouth Investment Services must also. The case began after a routine examination by the Secretary of State s Office investigators discovered illegal activity committed in by James B.
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Magazine article American Banker. Amsouth Bancorp’s problems with its brokerage unit are far from over despite a settlement with the National Association of Securities Dealers announced last Friday.
Amsouth Investment Services Inc. Although Amsouth neither admitted nor denied wrongdoing, observers said the regulatory action could add fuel to a class action filed against the bank in April, alleging that its brokers misled customers about investment risk.
And Amsouth’s settlement will do nothing to blunt an ongoing investigation by the Alabama Securities Commission and a separate NASD probe of two brokers who have since left Birmingham, Ala.
James Underwood, senior vice president for media relations, said the company inestment cooperating in both investigations. When this many people are poring over regulatory issues,»there starts to be a microscope effect,» Mr.
O’Keefe said. Underwood downplayed the allegations, saying that the incidents in question were mainly paperwork problems that occurred before when invextment rules were unclear. An unknown error has occurred. Please click the button below to reload amdouth page. If the problem persists, please try again in a little. Read preview. Read preview Overview.
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Serivces 18 July Languages Add links. Apply for one or more of our products today. November 4, [2]. Merged with Regions Bank. We offer local banking, mortgages, internet banking products and local community services. Alabama Banks. AmSouth was in the financial services industry and at its peak employed over twelve thousand people. Regions Financial Corporation. Views Read Edit View history. Many of our checking accounts and credit cards investmenr instant approval. From Wikipedia, the free encyclopedia.
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