SEC Form 5
FORM 5

[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).

[ ]Form 3 Holdings Reported
[ ]Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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(f) of the Investment Company Act of 1940
OMB APPROVAL


OMB Number: 3235-0362
Expires: December 31, 2001
Estimated average burden
hours per response. . . . . 0.5
1. Name and Address of Reporting Person*
Stone, E.     C.
(Last)                      (First)                      (Middle)
P O Box 10247

(Street)
Birmingham, AL     35202-0247
(City)                      (State)                      (Zip)

 2. Issuer Name and Ticker
    or Trading Symbol

Regions Financial Corp.   RF
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
 4. Statement for
    (Month/Year)

    December 2002

5. If Amendment,
    Date of Original
    (Month/Year)
 6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

                        Director                           10% Owner
           X          Officer                             Other

Officer/Other
Description           EVP Corporate Banking; Member Leadership Team
7. Individual or Joint/Group
    Filing (Check Applicable Line)

X   Individual Filing
      Joint/Group Filing
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr. 3)

 2. Transaction Date
    (Month/Day/Year) 		3. Transaction
    Code
    (Instr. 8) 		4. Securities Acquired (A) or Disposed (D) Of
    (Instr. 3, 4, and 5)





        Amount      |         A/D         |         Price          
5. Amount of
    Securities
    Beneficially
    Owned at
    End of
    Issuer's Fiscal
    Year

    (Instr. 3 and 4) 		6. Owner-
    ship
    Form:
    Direct(D)
    or
    Indirect (I)

    (Instr. 4) 		7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Common Stock 12/20/2002
J (1)
0.600   |           D           |              
 111,710.000
D
Common Stock


1,100.000
I
 By Spouse







If the form is filed by more than one reporting person, see instruction 4(b)(v).

(over)
SEC 2270 (3-99)

Stone, E. C. - December 2002
Form 5 (continued)
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. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security 		3. Transaction
    Date

    (Month/
    Day/
    Year) 		4. Transaction
    Code
 5. Number of Derivative
    Securities Acquired (A)
    or Disposed (D) Of

    (Instr. 3,4 and 5) 		6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)








  (DE)     |     (ED)  
 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
    at End of
    Year
    (Instr.4) 		10.
Owner-
ship
Form of
Deriv-
ative
Security:
Direct
(D)
or
Indirect
(I) 		11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
Phantom Stock Units (401k)
 (2)
J (2)
     (A) 27.0
(2) | (2)
 Common Stock - 27.0
1,569.0
D
Stock Option
 $41.3400


04/09/1999 | 04/09/2008
 Common Stock - 26,250.0
26,250.0
D
Stock Option
 $16.1562


08/30/1994 | 08/30/2003
 Common Stock - 5,188.0
5,188.0
D
Stock Option
 $16.1562


08/30/1995 | 08/30/2003
 Common Stock - 1,812.0
1,812.0
D
Stock Option
 $15.9375


03/29/1995 | 03/29/2004
 Common Stock - 12,162.0
12,162.0
D
Stock Option
 $15.9375


03/29/1996 | 03/29/2004
 Common Stock - 1,838.0
1,838.0
D
Stock Option
 $16.0000


01/04/1996 | 01/04/2005
 Common Stock - 16,000.0
16,000.0
D
Stock Option
 $22.4375


01/03/1997 | 01/03/2006
 Common Stock - 8,694.0
8,694.0
D
Stock Option
 $38.7500


10/09/1998 | 10/09/2007
 Common Stock - 3,949.0
3,949.0
D
Stock Option
 $35.6562


08/30/2000 | 08/30/2009
 Common Stock - 26,250.0
26,250.0
D
Stock Option
 $20.0937


03/15/2001 | 03/15/2010
 Common Stock - 60,000.0
60,000.0
D
Stock Option
 $27.9050


01/16/2002 | 01/16/2011
 Common Stock - 40,000.0
40,000.0
D
Stock Option
 $27.9050


01/16/2003 | 01/16/2011
 Common Stock - 20,000.0
20,000.0
D
Stock Option
 $27.9050


01/16/2004 | 01/16/2011
 Common Stock - 20,000.0
20,000.0
D
Stock Option
 $30.8950


01/22/2005 | 01/22/2012
 Common Stock - 20,000.0
20,000.0
D
Stock Option
 $30.8950


01/22/2003 | 01/22/2012
 Common Stock - 40,000.0
40,000.0
D
Stock Option
 $30.8950


01/22/2004 | 01/22/2012
 Common Stock - 20,000.0
20,000.0
D
Stock Option
 $22.4375


01/03/1998 | 01/03/2006
 Common Stock - 1,306.0
1,306.0
D











Explanation of Responses :


** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. 		________________________________         __________________
** Signature of Reporting Person                         Date

Ronald C. Jackson
E. C. Stone


Page 2
SEC 2270 (3-99)
Stone, E. C. - December 2002
Form 5 (continued)
FOOTNOTE Descriptions for Regions Financial Corp. RF

Form 5 - December 2002

E. C. Stone
P O Box 10247

Birmingham, AL 35202-0247
Explanation of responses:

 (1)   The reported phantom stock units were acquired under Regions' benefits plans.
(1)   Disposition of partial share to close dividend reinvestment account.
(2)   The reported phantom stock units were acquired under Regions' benefits plans.
Page 3