Regions’ trust and institutional investment management businesses are not included in the deal and will operate within Regions’ Wealth Management organization, said Regions Financial.
Regions Financial president and CEO Grayson Hall said the firm’s ability to close the transaction in such a smooth and timely manner benefits its customers and helps ensure an effective transition.
"Customers have been our primary focus throughout the process and this will continue as a priority as we execute our plans to grow profitable relationships, help all of our customers become more successful financially, and expand our market share," Hall said.
Both firms, Regions and Raymond James have decided to extend full cooperation and will work closely to ensure that customers with accounts at Morgan Keegan and Regions Bank continue to receive the high level of service quality from them.
Regions and Raymond James had proclaimed a purchase price of $930m with a $250m pre-closing dividend to be paid to Regions by Morgan Keegan and in lieu of a pre-closing dividend, the companies have agreed to increase the purchase price by nearly $1.2bn.
With $127bn in assets, Regions Financial caters consumer and commercial banking, wealth management, mortgage, and insurance products and services across 16 states across the US while its subsidiary Regions Bank runs 1,700 banking offices and 2,100 ATMs.
Raymond James Financial manages its business empire through its four principal wholly owned broker/dealers including Raymond James & Associates, Raymond James Financial Services, Raymond James | Morgan Keegan and Raymond James.
The firm serves 2.4 million accounts in 2,600 locations throughout the US, Canada and overseas and manages $372bn assets.
