Regions Financial Corp. said yesterday it is selling Morgan Keegan to Raymond James Financial Inc. for $930 million in stock, concluding a drawn-out auction of the Memphis, Tennessee brokerage firm.

The Alabama-based regional bank will also receive a $250 million dividend before the closing, pending regulatory approval.

The deal is expected to close in the first quarter.

Regions has been trying to sell Morgan Keegan since the summer in a move that could help it repay $3.5 billion it owes the US government in bailout aid.