Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  DEER R ALAN
2. Date of Event Requiring Statement (Month/Day/Year)
11/04/2006
3. Issuer Name and Ticker or Trading Symbol
REGIONS FINANCIAL CORP [RF]
(Last)
(First)
(Middle)
P O BOX 10247
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP--General Counsel
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BIRMINGHAM, AL 352020247
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 21,001.59
D
 
Common Stock 537
I
By 401(k)
Common Stock 447
I
By estate (1)
Common Stock (Joint with Spouse) 10,298
D
 
Common Stock (phantom stock) 392
I
By Supplemental 401(k) Plan (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to buy) 12/20/2005 10/15/2011 Common Stock 50,000 $ 33.82 D  
Stock Option (Right to buy) 01/22/2005 01/22/2012 Common Stock 6,410 $ 25.02 D  
Stock Option (Right to buy) 12/20/2006 12/20/2012 Common Stock 13,168 $ 34.66 D  
Stock Option (Right to buy) 12/20/2007 12/20/2012 Common Stock 13,168 $ 34.66 D  
Stock Option (Right to buy) 12/20/2008 12/20/2012 Common Stock 13,168 $ 34.66 D  
Stock Option (Right to buy) 12/20/2005 02/19/2013 Common Stock 17,708 $ 25.66 D  
Stock Option (Right to buy) 02/19/2006 02/19/2013 Common Stock 3,898 $ 25.66 D  
Stock Option (Right to buy) 04/09/1999 04/09/2008 Common Stock 2,985 $ 33.49 D  
Stock Option (Right to buy) 08/30/2000 08/30/2009 Common Stock 3,462 $ 28.88 D  
Stock Option (Right to buy) 03/15/2001 03/15/2010 Common Stock 1,143 $ 16.28 D  
Stock Option (Right to buy) 01/16/2004 01/16/2011 Common Stock 10,597 $ 22.6 D  
Stock Option (Right to buy) 12/20/2005 04/21/2011 Common Stock 8,797 $ 28.17 D  
Stock Option (Right to buy) 04/21/2007 04/21/2011 Common Stock 3,549 $ 28.17 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
DEER R ALAN
P O BOX 10247
BIRMINGHAM, AL 352020247
      EVP--General Counsel  

Signatures

By: Alton E. Yother 11/09/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) By estate in which reporting person shares a pecuniary interest. The entire amount of the estate's interest is reported.
(2) Represents share equivalent of phantom stock in supplemental 401(k) plan.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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