Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
ASKEW WILLIAM E
  2. Issuer Name and Ticker or Trading Symbol
REGIONS FINANCIAL CORP [RF]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP, Cnsmr & Bsns Bnkng-Retail
(Last)
(First)
(Middle)
P O BOX 10247
3. Date of Earliest Transaction (Month/Day/Year)
11/08/2004
(Street)

BIRMINGHAM, AL 352020247
4. If Amendment, Date Original Filed(Month/Day/Year)
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/08/2004   X   17,492 A $ 12.96 162,269.044 D  
Common Stock 11/08/2004   X   2,261 A $ 12.96 164,530.044 D  
Common Stock 11/08/2004   F   9,626 D $ 35.44 154,904.044 D  
Common Stock (IRA)               249 D  
Common Stock (IRA)               234 I By Spouse

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 12.96 11/08/2004   X     17,492 01/04/1996 01/04/2005 Common Stock 17,492 $ 12.96 0 D  
Stock Option $ 12.96 11/08/2004   X     2,261 01/04/1997 01/04/2005 Common Stock 2,261 $ 12.96 0 D  
Phantom Stock Units (401k) $ 0 (1)               (1)   (1) Common Stock 1,477   1,477 D  
Stock Option $ 18.17             01/03/1997 01/03/2006 Common Stock 10,734   10,734 D  
Stock Option $ 18.17             01/03/1998 01/03/2006 Common Stock 1,612   1,612 D  
Stock Option $ 31.39             10/09/1998 10/09/2007 Common Stock 4,876   4,876 D  
Stock Option $ 33.48             04/09/1999 04/09/2008 Common Stock 32,408   32,408 D  
Stock Option $ 28.88             08/30/2000 08/30/2009 Common Stock 32,408   32,408 D  
Stock Option $ 25.66             02/19/2004 02/19/2010 Common Stock 30,865   30,865 D  
Stock Option $ 25.66             02/19/2005 02/19/2010 Common Stock 15,433   15,433 D  
Stock Option $ 25.66             02/19/2006 02/19/2010 Common Stock 15,432   15,432 D  
Stock Option $ 16.28             03/15/2001 03/15/2010 Common Stock 74,076   74,076 D  
Stock Option $ 22.6             01/16/2002 01/16/2011 Common Stock 49,384   49,384 D  
Stock Option $ 22.6             01/16/2003 01/16/2011 Common Stock 24,692   24,692 D  
Stock Option $ 22.6             01/16/2004 01/16/2011 Common Stock 24,692   24,692 D  
Stock Option $ 28.17               (2) 04/21/2011 Common Stock 61,730   61,730 D  
Stock Option $ 33.82               (3) 10/15/2011 Common Stock 62,000   62,000 D  
Stock Option $ 25.02             01/22/2003 01/22/2012 Common Stock 49,384   49,384 D  
Stock Option $ 25.02             01/22/2004 01/22/2012 Common Stock 24,692   24,692 D  
Stock Option $ 25.02             01/22/2005 01/22/2012 Common Stock 24,692   24,692 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
ASKEW WILLIAM E
P O BOX 10247
BIRMINGHAM, AL 352020247
      EVP, Cnsmr & Bsns Bnkng-Retail  

Signatures

 By: Ronald C. Jackson   11/09/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) The reported phantom stock units were acquired under Regions' benefit plans.
(2) The option becomes exercisable in three equal installments on April 21, 2005, 2006 and 2007.
(3) The option becomes exercisable in two equal installments on October 15, 2006 and 2007.

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