Sec Form 4 Filing - MILLER PETER D @ REGIONS FINANCIAL CORP - 2006-10-16

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 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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1. Name and Address of Reporting Person MILLER PETER D 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) Regional CEO (Last) (First) (Middle) P O DRAWER 937 3. Date of Earliest Transaction (MM/DD/YY) 10/16/2006 (Street) GAINESVILLE, GA303050937 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 08/21/2006 G V 1,200 D $ 0 252,824.6 D Common Stock 10/16/2006 F 812 D $ 0 252,012.6 D Common Stock 28,561 I By Spouse Common Stock 31,507 I CLM Associates LFP Common Stock 62,830 I PDM Associates LP

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 Phantom Stock Units (401k) $ 0 ( 1 ) ( 1 ) ( 1 ) Common Stock 6,650 6,650 D Stock Option $ 33.48 04/09/1999 04/09/2008 Common Stock 2,985 2,985 D Stock Option $ 28.17 04/21/2007 04/21/2011 Common Stock 3,549 3,549 D Stock Option $ 33.82 12/20/2005 10/15/2011 Common Stock 90,000 90,000 D Stock Option $ 34.66 ( 2 ) 12/20/2012 Common Stock 56,434 56,434 D Stock Option $ 33.48 04/09/1999 04/09/2008 Common Stock 29,423 29,423 I CLM Associates LFP

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other MILLER PETER D P O DRAWER 937 GAINESVILLE, GA303050937 Regional CEO Signatures By: Ronald C. Jackson 10/16/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The reported phantom stock units were acquired under Regions' benefit plans. ( 2 )The option becomes exercisable in three equal installments on December 20, 2006, 2007 and 2008.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* 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).

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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