This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Raymond James Makes Bid on Regions Unit: Report

NEW YORK (TheStreet) -- Raymond James Financial (RJF) has resumed talks to buy Regions Financials' (RF) Morgan Keegan brokerage unit, after an exclusivity period with Stifel Financial (SF) has expired, according to Bloomberg reports citing unnamed sources.

News that bid's for Morgan Keegan aren't exclusive signal that a sale of the Memphis, Tenn.-based brokerage may become increasingly competitive. In August, Reuters reported that private equity firm's the Blackstone Group (BX), Apollo Global Management (APO), the Carlyle Group and TPG Capital were also interested bidders.

Regions Financial is looking to shed Morgan Keegan in an effort to repay bailout funds taken by the bank during the financial crisis.

In November, Bloomberg reported that Regions Financial was in exclusive talks to sell the Morgan Keegan brokerage to Stifel Financial. With Morgan Keegan, Stifel would have one of the largest brokerages in the U.S. with nearly 3,000 brokers and would be the largest takeover for Stifel, which has been acquisitive in recent years.

Regions Financial put Morgan Keegan up for sale in June as it tries to raise capital to repay the U.S. Treasury's preferred-share investment in the Alabama -based company. Currently, Regions is one of the largest remaining TARP recipients and is still struggling with its capitalization

Regions Financial shares are off nearly 40% year-to-date. Nine months into 2011, the company is on track to earn its first annual profit since the onset of the financial crisis. In 2008, Regions lost a record $5.6 billion.

-- Written by Antoine Gara in New York

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs