Raymond James chief executive officer Paul Reilly, who updated listeners on the integration of Morgan Keegan & Co. since its purchase last April has informed about "Raymond James to drop Morgan Keegan".
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Commenting on the move, Reilly said: "The integration has gone so well that we made a commitment to Morgan Keegan that we would keep some dual branding in business for two years," he said. "They have asked us to drop the Morgan Keegan name in February after the integration and to operate under Raymond James."
He also informed that the request for the name change showed that the two firms are achieving "cultural integration," and are satisfied with the merger.
Raymond James purchased Morgan Keegan & Co. from Birmingham, Ala.-based Regions Financial Corp. last year for $1.2 billion in cash. Since then, the firms have been integrating systems and adjusting staff size.
Reilly also said: "I applaud both sides for really reaching out and working together."
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By GlobalDataSteve Hollister, spokesman for St. Petersburg-based Raymond James Financial, said the name will change later this month, though the exact date was not available.
