Union Planters Bank

Union Planters Bank was a United States financial institution and multi-state bank holding corporation headquartered in Memphis, Tennessee prior to being acquired by Regions Financial Corporation. With over $34 billion in assets, Union Planters Bank was the largest bank in Tennessee and among the thirty largest bank holding companies in the United States. Union Planters operated over 760 banking centers in the states of Alabama, Arkansas, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Tennessee, and Texas.

Union and Planters Bank was founded by William Farrington, a Memphis businessman who had prospered during the American Civil War and emerged the wealthy head of an insurance company. In 1868, Farrington and the Board of Directors of Desoto Insurance Company applied to convert the company to a bank and they received government approval on February 12, 1869. Prior to the Civil War, the two most prominent banks in Memphis were Union Bank and the Branch Planters Bank. The assets of both, however, were seized during the war and the two banks had ceased to exist. Hoping to capitalize on the defunct antebellum banks' names, Farrington and the Board named their new bank Union and Planters. The board sold $671,300 in stock and established offices in a three-story brownstone in the Memphis financial district. On September 1, 1869, Union and Planters officially opened for business.

Union and Planters' early years were plagued with overdrafts. Farrington became increasingly at odds with the members of the Board of Directors, largely due to his interest in the Memphis & Little Rock Railroad. The struggling railroad company was indebted to Union and Planters, who held loans for the railroad totaling $200,000. In 1874, the bank's directors voted to remove Farrington from office. Outraged, Farrington remained one of the bank's largest stockholders and for the next two years, became a thorn in the bank's side. He refused to pay off the railroad company's loans and he attended board meetings during which he read lengthy protests into the minutes, demanded detailed information on bank operations and voted in opposition to even the most routine measures.

...
Wikipedia