Raymond James Financial has agreed to buy Morgan Keegan for $930 million in cash, creating one of the biggest regional brokerage firms in the country and ending a drawn-out sales process.   The acquisition of Morgan,  a well-regarded brokerage firm and investment banking business, will bolster Raymond James' operations by adding about 1,200 financial advisers, which Raymond James hopes to combine with its own 5,400 advisers to create a big new regional brokerage firm. Morgan Keegan will also pay an additional $250 million dividend to its current owner, the Regions Financial Corp. before the proposed deal closes, pending regulatory approval.  The sale puts Morgan Keegan’s book value at about $700 million. Regions bought the brokerage firm in 2000 for about $789 million. With the sale, Regions will raise nearly $1.2 billion that the embattled bank can use to help pay down the $3.5 billion it received from the government during the financial crisis of 2008. Regions remains the only major lender that has not paid back its lifeline. The deal would deliver far less than the roughly $1.5 billion Regions had initially expected. The deal is expected to close by the end of the first quarter. [Dealbook 1/11/12]