Looking to capitalize on the banking industry’s upheaval, and corresponding high rate of deal activity, Morgan Keegan & Co. acquired Atlanta boutique investment bank Burke Capital Group LLC.
McKenna Long & Aldridge partner Michael Cochran and associate Allix Magaziner advised Burke. Baker, Donelson, Bearman, Caldwell & Berkowitz partner Robert DelPriore in Memphis advised Morgan Keegan, which is a unit of Regions Financial Corp. Terms of the sale weren’t disclosed.
Burke Capital specializes in the community banking industry, Cochran said. Founded by former Robinson-Humphrey banker Jon Burke in 1995, Burke Capital has been active in recent weeks advising clients on the U.S. Treasury’s Troubled Asset Relief Program (TARP) program and on acquisitions.
“For community banks, the TARP money only goes so far. A lot of these banks still might have to raise additional capital,” Cochran said. “It’s going to be a really active industry.”
Burke Capital’s clients have included Merchants and Farmers Bank in Comer, Ga.; Citizens Financial Services Inc. in Greensboro, Ga.; and Allied Bankshares Inc. of Cumming, Ga.
Cochran said he hopes to continue to do work for Burke Capital, noting that McKenna Long & Aldridge already has a relationship with Regions Bank.