Raymond James Financial has concluded its previously announced takeover of diversified financial services firm TriState Capital.

The $1.1bn cash and stock transaction was first announced by the company in October last year.

TriState Capital specialises in banking and asset management services to individuals, corporations and municipalities.

As part of the transaction, each share of TriState Capital common stock was converted into the right to receive $6.00 in cash and 0.25 shares of Raymond James common stock.

This represents per share consideration of $30.62 based on the closing price of Raymond James common stock on 31 May 2022.

Raymond James chair and CEO Paul Reilly said: “The strategic and cultural fit between Raymond James and TriState has been continually reinforced as our teams have worked toward this point over the last few months.

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“Our collective focus on client-first values and a long-term horison are unique and a true differentiator for our firms. I’m thrilled to officially welcome TriState Capital to the Raymond James family and look forward to continue growing together.”

TriState Capital executive chairman and founder Jim Getz said that TriState Capital Bank will remain as separately-chartered bank and will continue offering its premier private banking, commercial lending and treasury management solutions to clients.

Getz also added that Chartwell Investment Partners, TriState’s asset management franchise, will complement and benefit from the resources offered by Raymond James’ Carillon Tower Advisers.

Commenting on the deal, he said: “We at TriState Capital are as excited about our future as we have ever been, and we are excited about our opportunity to partner with Raymond James who truly values what we have built and what we have left to achieve.”

Last year, Raymond James’ subsidiary Raymond James UK Wealth Management struck a deal to buy British wealth manager Charles Stanley in a deal that is worth £278.9m.