BIRMINGHAM — Regions Bank has completed the buyout of a $1 billion portfolio of its branded credit cards from a subsidiary of Bank of America, the company said Tuesday. Terms were not disclosed for the deal, which was originally announced last month.

The portfolio consists of 500,000 existing consumer accounts held by Regions customers and 40,000 business credit cards accounts.

Together the two portfolios total more than $1 billion. A unit of Regions Financial Corp., which is based in Birmingham, Ala., made the deal with FIA Card Services, which is wholly owned by Bank of America Corp. FIA Card Services will continue to send bills and collect payments to customers, which is known in the industry as servicing the accounts, through the middle of 2012 under an interim agreement.

Regions said the deal will help it balance its consumer and commercial loan portfolios and further diversify its revenue sources. FIA Card Services was created in 2006 by combining the former MBNA America Bank and other Bank of America assets. Regions Bank operates 1,800 branches in 16 states in the South and Midwest. In late afternoon trading, Regions Financial shares slipped 14 cents to $6.16, following other banks as the market drifted down.

Credit Cards