Monday, securities and asset management arm of Regions Financial Corp. (RF), Morgan Keegan & Company, Inc., announced the acquisition of Burke Capital Group, LLC, an Atlanta-based investment banking firm specialized in mergers and acquisitions and private capital advisory services to financial institutions in the Southeastern U.S. The transaction, whose terms were not disclosed, was completed on December 15, 2008.
Burke Capital Group, a leading merger advisor to Southeastern-based community and regional banks since 2000, has advised on more than $5 billion in merger transactions since its founding in 1995. Burke Capital Group's experienced investment bankers is expected to add industry-focused expertise in buy and sell side advisory, private equity and ESOP valuations, fairness opinions and trust preferred placement services to Morgan Keegan's established banking sector practice.
Jon Burke and Dennis Wolfarth, co-founders and managing principals of Burke Capital Group will join Morgan Keegan as managing directors and continue to oversee the business operations of the new division from its Atlanta office.
Additionally, Blake Jones, James Stokes, Ronald Goff, Jason Trembley and Adam Zelsdorf will join the investment-banking group. Dudley Stephens, formerly affiliated with Burke Capital Markets, LLC, will join the institutional equity sales group in Morgan Keegan's Atlanta office. Burke Capital Group will operate as a division of Morgan Keegan.
Chip Grayson, executive managing director of Morgan Keegan's investment banking group said, "Jon and his team have an outstanding and well-deserved reputation among community and regional banks located in the heart of Morgan Keegan's footprint. Through Morgan Keegan, they will have the opportunity to leverage existing relationships and expand their reach with access to the public equity markets and our comprehensive sales, trading and research support."
Burke said, "They have a remarkable distribution franchise for both equity and fixed income securities and a robust offering of ancillary products and services specifically for the financial services clientele we serve."
Regions Financial closed Monday's regular trading at $8.26, down $0.50 or 5.71%, on a volume of 6.24 million shares on the NYSE.
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