Wednesday’s news that Raymond James will acquire Regions Financial’s Morgan Keegan brokerage followed more than six months of anticipation, but received a mostly tepid response from industry observers.

Regions said that the transaction will drum up $1.18 billion in proceeds for its firm, including a $930 million stock purchase agreement with Raymond James and a $250 million dividend payment from Morgan Keegan that is set to come in before the deal closes.

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