Morgan Keegan Announces Completion of Voluntary Auction Rate Securities Repurchase
June 29 2011 - 2:51PM
Business Wire
Morgan Keegan & Company, Inc. is pleased to announce the
final phase of the firm’s voluntary repurchase program for auction
rate securities. With the completion of this final tender offer
during the third quarter of 2011, Morgan Keegan will repurchase all
remaining auction rate securities sold by the firm and held by
retail investors in Morgan Keegan accounts. The tender will include
auction rate securities issued by Jefferson County, Alabama.
This will conclude the voluntary program that Morgan Keegan
initiated in early 2009 to restore liquidity to retail investors
who had purchased approximately $2 billion of auction rate
securities through the firm. Participants in the repurchase program
have not lost a penny on their auction rate investments – the
program returned 100% of principal and interest. Morgan Keegan will
continue to work on a best efforts basis to address the liquidity
needs of institutional investors.
“We have been committed to restoring liquidity to our clients
since the broad failure in the auction rate markets and, with the
conclusion of our voluntary repurchase program and a recent
favorable court ruling on this matter, we are pleased to bring this
to a close,” said John Carson, CEO of Morgan Keegan.
About Morgan Keegan & Company, Inc.
Morgan Keegan & Company, Inc., one of the nation’s largest
regional full-service brokerage and investment banking firms, is
the securities brokerage arm of Regions Financial Corporation
(NYSE: RF). Headquartered in Memphis, Tenn., Morgan Keegan serves
individual and institutional investors in over 300 offices in 20
states. Additional information about Morgan Keegan and Regions — a
member of the S&P 500 Index — can be found here and at
www.regions.com.
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