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

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Estimated average burden
hours per response. . . . . 0.5

1. Name and Address of Reporting Person^*
Upchurch, Jr., Samuel E.

(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, General Counsel & Secretary

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	01/22/2002	A	6,000.000 \| A \|	82,898.579	D

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

(over)
SEC 2270 (3-99)

Upchurch, Jr., Samuel E. - 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)
Stock Option	$30.8950	01/22/2002	A	(A) 3,014.0	01/22/2005 \| 01/22/2012	Common Stock - 3,014.0	$30.8950		D
Stock Option	$30.8950	01/22/2002	A	(A) 12,500.0	01/22/2003 \| 01/22/2012	Common Stock - 12,500.0	$30.8950	12,500.0	D
Stock Option	$30.8950	01/22/2002	A	(A) 6,250.0	01/22/2004 \| 01/22/2012	Common Stock - 6,250.0	$30.8950	6,250.0	D
Stock Option	$30.8950	01/22/2002	A	(A) 3,236.0	01/22/2005 \| 01/22/2012	Common Stock - 3,236.0	$30.8950	6,250.0	D
Phantom Stock Units (401k)	(1)				(1) \| (1)	Common Stock - 18,594.0		18,594.0	D
Stock Option	$27.9050				01/16/2004 \| 01/16/2011	Common Stock - 5,000.0		5,000.0	D
Stock Option	$27.9050				01/16/2003 \| 01/16/2011	Common Stock - 5,000.0		5,000.0	D
Stock Option	$27.9050				01/16/2002 \| 01/16/2011	Common Stock - 10,000.0		10,000.0	D
Stock Option	$20.0937				03/15/2001 \| 03/15/2010	Common Stock - 15,000.0		15,000.0	D
Stock Option	$35.6562				08/30/2000 \| 08/30/2009	Common Stock - 11,250.0		11,250.0	D
Stock Option	$41.3437				04/09/1999 \| 04/09/2008	Common Stock - 11,250.0		11,250.0	D
Stock Option	$38.7500				10/09/1998 \| 10/09/2007	Common Stock - 3,949.0		3,949.0	D
Stock Option	$22.4375				01/03/1997 \| 01/03/2006	Common Stock - 10,000.0		10,000.0	D
Stock Option	$16.0000				01/04/1996 \| 01/04/2005	Common Stock - 10,000.0		10,000.0	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
Samuel E. Upchurch, Jr.

Page 2
SEC 2270 (3-99)

REGIONS FINANCIAL CORP 5