Oct. 22--One local bank branch is set to close in early 2010.

The Regions Bank location on the southwest side of Cullman will be consolidated by January 29, 2010, a Regions Financial Corp. spokesperson confirmed Wednesday.

The office, located at 1652 Second Avenue S.W., will be consolidated with the bank's larger Second Avenue location.

Regions Bank spokesperson Evelyn Mitchell said the company does not anticipate any major job losses locally throughout the transition.

"We're working to place associates in other open positions wherever we can," she said.

Two other Regions Bank locations in Huntsville and Montgomery will also be closed as part of the nationwide plan to cut costs.

In total, the bank plans to consolidate 121 branches nationwide.

Regions announced the consolidation plan Tuesday while reporting a third quarter net loss of $437 million, or 37 cents a share, compared with net income of $79.5 million, or 11 cents per share, in the same period last year, the Associated Press reports.

Through the consolidation, the bank expects to save approximately $21 million, according to a press release.

"The operating environment remains challenging and credit-related costs continue to be elevated," bank chairman and chief executive officer Dowd Ritter said in a statement. "However, the economy appears to have bottomed and that bodes well for customers and for us. Regions will continue to aggressively recognize credit problems preparing for the economic recovery."

Local Regions Bank officials declined to comment on the consolidation.

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