Raymond James Financial Inc. has entered into a definitive stock purchase agreement to acquire Morgan Keegan & Company Inc. and related affiliates from Regions Financial for $930 million, expanding both its private client wealth management and capital markets businesses.

“While our preference is generally organic growth, we have used strategic mergers to grow throughout our history when the timing and pricing are right and, most importantly, when there is a strong cultural fit and clear path for integration,” said Raymond James CEO Paul C. Reilly.

“This merger reflects those tenets. Morgan Keegan private client and capital markets professionals are well respected in the industry for their capabilities and client-service orientation. Bringing them to Raymond James and working with their excellent management teams represents a major step toward achieving our vision of being the premier alternative to Wall Street,” he said.

The combined businesses of Raymond James and Morgan Keegan will create one of the country’s largest full-service wealth management and investment banking firms not headquartered on Wall Street.

“Given the associated assets and scale, this acquisition creates significant future earnings power,” added Reilly.

Raymond James Financial Services has a branch office in Chocowinity.