Regions Bank is closing its doors in Mt. Carmel next year.

Regions Financial spokesman Mel Campbell confirmed Friday the Birmingham, Ala.-based company has put into motion a plan to consolidate Regions Bank locations in Mt. Carmel and neighboring Princeton, Ind.

Letters have been mailed to account holders with the Mt. Carmel bank, Campbell said. Customers are being given the opportunity to move their accounts to the Princeton branch.

The Mt. Carmel bank is slated for closure in early March of 2010. The bank is located at 206 East 9th St.

The local closing is part of a corporate plan to to consolidate 121 of Regions' branches across its 16-state footprint, Campbell said.

According to the company's third-quarter financial report, the consolidation decisions are based on "proximity to other locations or opportunity for performance improvement." The effort should help Regions Financial Corporation realize future net savings of about $21 million annually.

According to its Web site, Regions bank employed more than 30,000 associates and had $140 billion in assets as of Sept. 30.

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On the Net:

http://www.regions.com