Raymond James Financial, the Florida-based wealth manager, has finalized its purchase of Morgan Keegan & Company from Regions Financial for roughly $1.2 billion.

Raymond James did not disclose how many assets under management the deal incorporates, but it said that it now has $372 billion in client assets compared with $289 billion at the end of last month.

The firm also said that the deal will create the country’s largest full-service wealth management and capital markets firms not headquartered on Wall Street.

The parties had first agreed on a $930 million price tag with a $250 million pre-closing dividend to be paid to Regions by Morgan Keegan, generating total proceeds to Regions of about $1.2 billion. Instead of a pre-closing dividend, the price was increased by the same amount, leading to the same total consideration.

Region’s trust and institutional investment management businesses are not included in the deal and will operate within the firm’s wealth management organization.