Morgan Keegan Settles Regulatory Issues with SEC, Regions (RF) to Explore Strategic Alternatives for Morgan Keegan

Regions Financial Corp. (NYSE: RF) announced today that Morgan Keegan & Company and Morgan Asset Management have agreed to a settlement of previously disclosed regulatory matters with the SEC, the Financial Industry Regulatory Authority, and a group of state securities regulators with respect to issues concerning certain mutual funds and closed-end funds, a business that Morgan Asset Management divested in 2008.

As part of the settlement, Morgan Keegan and Morgan Asset Management agreed to pay $210 million, of which $200 million will be placed into two Fair Funds for the benefit of investors in the RMK Funds in any state.

Regions also announced that it has retained Goldman, Sachs & Co. to explore potential strategic alternatives for Morgan Keegan as Regions evaluates how best to manage its capital to increase shareholder value.

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