Regions Financial Corp. became the latest company to withdraw its membership from the Business Council of Alabama. According to a story in the Montgomery Advertiser, the company formally notified BCA leadership of their intentions today.
This decision from one of the state’s largest employers comes on the heels of Alabama Power’s withdrawal from the business organization on Monday.
Both companies had privately expressed concerns about the BCA’s leadership and direction. Their decisions to end long-standing relationships with the BCA mark a turning point in their collective effort to strengthen the business community’s approach to economic development and job growth.
BCA Chairman Perry Hand acknowledged for the first time on Monday that Billy Canary was, in fact, now the outgoing President of the group. In a letter made public by Hand, he detailed that Canary’s tenure would end sometime prior to the start of next year. The departing companies identified the uncertainty surrounding that transition as a significant contributing factor to their leaving.
In addition to BCA’s failure to settle on a timely and decisive transition plan, the companies also expressed concern over the group’s effectiveness and financial health. The Yellowhammer Multimedia Executive Board has itself explored some of these same issues facing BCA.
Regions Financial Corp. is a multi-state bank based out of Birmingham. According to its website, it is the only Fortune 500 company headquartered in Alabama and has $123 billion in assets.
Allison Ross is the owner and publisher of Yellowhammernews.com.