Regions Financial Corp. has agreed to sell Morgan Keegan & Co. Inc. to Raymond James Financial Inc. for $930 million. Morgan Keegan, one of the nation’s leading underwriters of municipal bonds, will pay Regions a dividend of $250 million before closing, resulting in total proceeds to Regions of $1.18 billion. The deal is expected to close in the first quarter. Local officials from Morgan Keegan and Regions Bank were not immediately available for comment, but the move is expected to have little immediate impact on the Baton Rouge operations of both entities. Raymond James’ Fixed Income and Public Finance businesses will be based in Memphis, where Morgan Keegan is currently headquartered. Raymond James will continue to operate a regional support center in Memphis as well.
Regions selling Morgan Keegan to Raymond James for $930M
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