Regions Financial Corp. is selling Morgan Keegan & Company Inc. and related affiliates to Raymond James Financial Inc. for $930 million. As part of the transaction, Morgan Keegan also will pay Regions a dividend of $250 million before closing, pending regulatory approval, resulting in total proceeds of $1.18 billion. The deal is expected to close during the first quarter.
"This agreement validates our belief in the value of the Morgan Keegan franchise as a leading brokerage and investment banking firm based in the Southeast," said Regions President and CEO Grayson Hall. "I am very pleased that we were able to reach an agreement that benefits our shareholders and helps us focus on our core banking business while also allowing us to continue providing a full range of products and services seamlessly to our customers."
John Carson, CEO of Morgan Keegan, said, "Our businesses have grown significantly over the past decade as part of the Regions family. As we enter a new era for the firm, we are excited by the opportunity to continue providing outstanding service to our individual and institutional clients as part of Raymond James."
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Regions Financial Corporation, with $130 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services.
Morgan Keegan & Company, Inc., a full-service brokerage and investment banking firm, is the securities brokerage arm of Regions Financial Corp. Headquartered in Memphis, Tenn., Morgan Keegan serves individual and institutional investors through 90 full-service offices in 20 states.
Raymond James Financial is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have approximately 5,400 financial advisors serving 2 million accounts in 2,400 locations throughout the United States, Canada and overseas.
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