Wednesday, January 11, 2012

Morgan Keegan acquisition will bolster Raymond James presence in Charlotte

The long-awaited sale of Morgan Keegan, the brokerage and investment banking arm of Regions Financial, to Raymond James Financial Inc. was announced Wednesday in a $930 million deal.

The sale will add slightly to Raymond James' presence in Charlotte. Morgan Keegan had one location in the city, part of Regions' Charlotte headquarters near South Park. Raymond James currently has more than a half dozen in Charlotte, serving personal investors and investment banking clients.

The deal is expected to close in the first quarter.