Regions Financial (RF) 8-K Regions Announces $1.25 Billion Capital Raise

EXHIBIT 12.1

Regions Financial Corporation

Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends

(Unaudited)

	March 31 2009(2)		March 31 2008(2)		December 31
					2008(1)			2007(1)		2006		2005		2004
	(Amounts in millions)
Excluding Interest on Deposits
Income (loss) before income taxes (3)	$	392	$	495	$	(5,932	)	$	2,039	$	1,992	$	1,359	$	1,120
Fixed charges excluding preferred stock dividends		221		277		1,061			1,077		696		515		367
Income (loss) for computation excluding interest on deposits		613		772		(4,871	)		3,116		2,688		1,874		1,487
Interest expense excluding interest on deposits		204		262		996			1,012		661		485		346
One-third of rent expense		17		15		65			65		35		30		21
Preferred stock dividends		51		—		26			—		—		—		—
Fixed charges including preferred stock dividends	$	272	$	277	$	1,087		$	1,077	$	696	$	515	$	367
Ratio of earnings to fixed charges, excluding interest on deposits		2.25		2.78		(4.48	)		2.89		3.86		3.64		4.06
Including Interest on Deposits
Income (loss) before income taxes (3)	$	392	$	495	$	(5,932	)	$	2,039	$	1,992	$	1,359	$	1,120
Fixed charges excluding preferred stock dividends		587		780		2,785			3,741		2,376		1,520		864
Income (loss) for computation including interest on deposits		979		1,275		(3,147	)		5,780		4,368		2,879		1,984
Interest expense including interest on deposits		570		765		2,720			3,676		2,341		1,490		843
One-third of rent expense		17		15		65			65		35		30		21
Preferred stock dividends		51		—		26			—		—		—		—
Fixed charges including preferred stock dividends	$	638	$	780	$	2,811		$	3,741	$	2,376	$	1,520	$	864
Ratio of earnings to fixed charges, including interest on deposits		1.53		1.63		(1.12	)		1.54		1.84		1.89		2.30

(1) For purposes of this computation, the recognized interest related to uncertain tax positions for the year ended December 31, 2008 and 2007 of approximately $31 million and $82 million, respectively, was excluded.

(2) For purposes of this computation, the recognized interest related to uncertain tax positions for the three months ended March 31, 2009 and 2008 of approximately $0 and $2 million, respectively, was excluded.

(3) For purposes of this computation, the annual period income (loss) before income taxes represents income (loss) before income taxes from continuing operations.