Raymond James is said to be bidding on Regions' Morgan Keegan unit.
ST. PETERSBURG -- Raymond James Financial Inc. (symbol: RJF) “resumed talks” with Regions Financial Corp. regarding the purchase of its brokerage subsidiary, Morgan Keegan & Co., according to Bloomberg News.
Regions had been negotiating exclusively with St. Louis-based Stifel Financial Corp., but that exclusivity period has expired, Bloomberg's Zachary Mider says.
Headquartered in Memphis, Tenn., Morgan Keegan & Co. posted more than $1.3 billion in revenues in 2010. The firm has more than 3,100 employees, and operates a network of 300 branch locations.
Of the two interested firms, Raymond James is the larger in terms of 2010 revenues, with nearly $3.4 billion in business generated compared to nearly $1.4 billion for Stifel. The St. Petersburg-based financier also has more cash on hand, with nearly $400 million on its balance sheet at the end of September, compared with roughly $250 million for Stifel.