RayJay pays $930M for MK&Co.

Update: An agreement has been reached: Raymond James will acquire Morgan Keegan & Co. for $930 million, according to an official company statement sent out by the St. Petersburg-based company. See earlier story below for additional details.

ST. PETERSBURG -- Raymond James Financial Inc. is “nearing an agreement” to acquire Regions Financial Corp.'s brokerage subsidiary Morgan Keegan & Co. for $930 million in cash, according to Bloomberg.

Raymond James has been negotiating with Regions for months regarding the acquisition of its Memphis, Tenn.-based subsidiary. In 2010, Morgan Keegan generated more than $1.3 billion in revenues. The firm has 3,100 employees, and operates a network of 300 branch locations throughout the U.S.