Stifel Financial has agreed to fully acquire City Financial Corporation, and its wholly owned subsidiary City Securities, for an undisclosed amount.
Incorporated in 1924, City Securities is an independent investment bank focused on offering wealth management and public finance services across the Midwest and Indiana.
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It has 40 private client advisors in eight offices across Indiana that manages nearly $4bn in client assets.
City Financial’s two other wholly owned units, City Securities Insurance and City Real Estate Advisors, will not be part of this deal.
Stifel chairman and CEO Ronald Kruszewski said: "We believe the addition of City and its growing and profitable business to the Stifel platform further enhances the Company's growing presence in these two attractive businesses."
City Financial Corporation CEO Mike Bosway said: "City Securities has been a market leader in Indiana for decades, and we believe our partnership with Stifel Financial Corp. will enhance our position in increasingly competitive markets. We are excited about the opportunities that this transaction will provide to our clients as Stifel provides City Securities the resources to elevate our Wealth Advisory and Public Finance platforms.
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By GlobalData"I am also pleased that my entire team of top managers and all of our financial advisors and bankers have committed to this transaction by signing continuation agreements with Stifel, confirming their long-term belief in the combined organization."
The transaction is expected to close in the first quarter of 2017.
