Regions Financial Corp. today announced it will increase its hourly minimum wage to $15 an hour by year's end, just one move in what it says is a series of targeted, long-term investments in response to last month's rewrite of the nation's tax laws.

That includes an increase in spending on capital spending and a contribution to the company's charitable foundation to benefit communities.

In a statement, Regions said the initiatives were made "in anticipation of the savings it will recognize as a result of federal tax reform intended to support economic growth."

"We understand that the growth of our company is based on the economic vitality of the communities where we do business, as well as the work from our team of talented associates who are committed to serving our customers every day," said Regions Chairman and CEO Grayson Hall.

The wage increase will benefit about 25 percent of the company workforce, Regions said.

In addition, the company announced it is contributing $40 million to the company's charitable foundation to support financial education, job training, economic development and affordable housing.

It is also increasing the company's capital expenditures budget by 50 percent to approximately $100 million over last year to pump money into facilities, technology, product innovation and personalized service.

"The investments we are announcing today in our workforce, our communities and our company reflect our commitment to creating shared value and will support sustainable growth that ultimately benefits our customers and shareholders," Hall said.