Regions Keeps it All in the Family
by July 9, 2001 12:00 am 76 views
Morgan Keegan in Rogers will soon be roomies with one of its new corporate brothers. The brokerage will move its local offices on July 27 into the Regions Bank building at 500 W. Walnut Ave.
The site will be the first of its kind nationally following Regions’ February buyouts of Rebsmans Insurance Inc. of Little Rock and Memphis-based Morgan Keegan. We hear there are no immediate plans for Rebsman to make it “Three’s Company,” but anything is possible going forward.
Morgan Keegan currently has offices at the corner of Walnut and Dixieland Road, so it will only be moving a mile or so. But the fast-track decision apparently came sooner than expected.
Regions, based in Birmingham, Ala., became the first traditional bank in the South to buy a major securities or insurance firm. But already the companies are sharing synergies and saving overhead such as office and IT costs.
Pat Morrison of Harris McHaney Shearin Realtors in Rogers already has the old Morgan Keegan office listed. The brokerage hopes to sublease the 6,000 SF to satisfy the remaining two years of its lease.
Terms of the Rebsman deal were not disclosed, but Regions acquired Morgan Keegan for $789 million.