Raymond James Financial has agreed to acquire TriState Capital Holdings, a Pittsburgh-based diversified financial firm that offers private banking, wealth management and commercial lending, as well as securities-based loans for clients of RIA firms and broker-dealers.
The deal, a combination cash and stock transaction, is valued at approximately $1.1 billion, Raymond James said in a release.
TriState Capital will continue operating as a separately branded firm and as a stand-alone division and independently chartered bank subsidiary of Raymond James. Jim Getz will continue to serve a chairman of TriState, while Brian Fetterolf will continue as CEO of TriState Capital Bank and Tim Riddle will remain CEO of Chartwell Investment Partners, TriState's $11 billion asset management unit.
The main driver of cost synergies in the transaction is replacing a portion of TriState Capital Bank’s current and future higher-cost deposits with Raymond James’ lower-cost deposits from the Raymond James Bank Deposit Program, the company said.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
Torrance, California-based EP Wealth welcomes a $900 million team in Idaho as Merit adds its first office in Utah.
The $1 trillion RIA is getting serious on inorganic growth as it welcomes the M&A veteran for a dedicated leadership role.
The undoing of the penalty, which has hung over the Wall Street bank for seven years, marks a significant victory for CEO Charlie Scharf.
The big three custodian is unveiling new reporting features, UMA functionalities, and a new advisor growth network, along with other updates at its flagship conference.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
