MEMPHIS, September 14, 2026 - The Shelby County Board of Commissioners approved a contract for banking services with Regions Bank on September 14, 2026 by a vote of 13 to nothing, at an annual amount not to exceed $400,000.

The contract covers custody and deposit of county funds from execution through June 30, 2027, with the option to renew for two additional one-year periods. The county funds it with a compensating balance on deposit with the bank rather than with a check.

At the September 9, 2026 committee meeting, the solicitation produced two respondents. Regions scored 93 and First Horizon scored 88 on the county's evaluation. Regions proposed $369,000 and First Horizon proposed $427,000. The county's not-to-exceed is $400,000.

The item was pulled off the September 14 consent agenda at the request of Commissioner Henri E. Brooks.

The question she pulled it for

Commissioner Brooks said she was not in opposition to the item. She said she had asked questions in committee about community benefits and that the presenter had assured her someone from Regions would attend to expand on them.

"I know that we've been depositing billions of dollars in Regions Bank for a long time and we enjoy that partnership," she said. "So I want to be able to go back to district 7 and I want Shelby County at large to know that we're getting a great tangible community benefit."

Trustee Joseph Lee III came forward with Blake Elliott, identified as a senior vice president of commercial banking at Regions. Lee said the county has used Regions for well over 20 years, that there were two respondents to the recent request for proposals, that there were very substantial differences between the first and second place respondents, and that his office highly recommends approval.

The answer that did not arrive

Elliott said that after the committee meeting the bank had been asked follow-up questions and his team had put together a written response covering the bank's community commitment, its small business investments, Small Business Administration guaranteed lending and employee volunteer hours.

"Is there anything specific you'd like for me to address?" he asked.

"Thank you," Commissioner Brooks said. "My apologies, but I did not receive that response."

She asked him to focus on benefits to low-income communities. He described the bank's Community Reinvestment Act rating, which he said is satisfactory and has been for many years, explained that the examination looks at an investment test, volunteer service hours and a lending test focused on affordable housing, low-to-moderate income areas and small business lending, and said Regions has the largest branch presence of any bank in the county.

She interrupted to return to the document. Where had he sent it?

Elliott said he sent it to the trustee's office on the Friday before the meeting, September 11, 2026, and that the office was trying to get it out to commissioners. Commissioner Brooks asked the trustee directly where it went so she could retrieve it. Lee said it had been sent to all of the commissioners by email.

"Oh, you did? Okay," she said.

What she said about the standard

Commissioner Brooks closed by taking issue with the measure itself.

"In reference to CRA, the bar is real low," she said, "and when it comes to affordable housing, I think we have a lot of work to do." She said the matrix the bank is using is not one that will fill in what she described as a 30,000-unit affordable housing gap, and asked to continue the conversation offline. Elliott said he would be glad to.

The item passed 13 to nothing.

What happens next

The contract runs from execution through June 30, 2027 with two one-year renewal options. Commissioner Brooks and the bank agreed to continue the affordable housing discussion outside the meeting. The 901 Report has asked the trustee's office for the written response and for its transmission record, and has asked Regions Bank for its Shelby County lending and investment figures.

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