Regions Financial Corporation Completes Sale of Morgan Keegan to Raymond James Financial

Regions Financial Corporation announced that it has completed the sale of Morgan Keegan & Company, Inc. and related affiliates to Raymond James Financial Inc. for approximately $1.2 billion. Regions’ trust and institutional investment management businesses are not included in the sale and will operate within Regions’ Wealth Management organization. Regions and Raymond James had previously announced a purchase price of $930 million with a $250 million preclosing dividend to be paid to Regions by Morgan Keegan, generating total proceeds to Regions of approximately $1.2 billion. In lieu of a pre-closing dividend, the companies have agreed to increase the purchase price by the same amount, resulting in the same total proceeds to Regions of approximately $1.2 billion.