Raymond James Financial Announces Definitive Agreement to Acquire TriState Capital Holdings

Oct 21, 2021 By MarketDepth

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Raymond James Financial, Inc. (NYSE: RJF) and TriState Capital Holdings, Inc. (NASDAQ: TSC) have entered a definitive agreement where Raymond James will acquire TriState Capital in a combined cash and stock transaction at a value of USD 1.1 Billion.  TriState Capital common stockholdings will receive USD 6 cash and 0.25 Raymond James shares for each share of TriState Capital Common stock or a represented consideration of USD 31.09 based on closing value of Raymond James common stock on October 19th, 2021.  “TriState Capital has a terrific, client-centric franchise focused on serving clients with premier private banking, commercial banking and niche investment management products and services,” said Paul Reilly, Chairman and CEO of Raymond James. “As we have followed the firm and management team over the past several years, including as its largest deposit client, we’ve admired its leadership position in offering securities-based lending through a scalable and robust technology platform. Importantly, this acquisition further illustrates our commitment to utilize excess capital through organic and inorganic growth that we expect to drive strong returns for shareholders over the long term.”

“We founded TriState Capital 14 years ago because we saw an incredible opportunity to build a successful company built on a commitment to independence, a long-term perspective, integrity, and putting clients squarely at the center of everything we do and every decision we make. Raymond James shares those values and allows us to be part of one of the most highly regarded financial services companies in the nation. Our clients will continue to benefit from working with the same talented teams and the TriState Capital and Chartwell brands they already know so well, along with the technology we’ve invested in to provide an exceptional and responsive client experience. Raymond James’ strong balance sheet will provide supplemental capital and liquidity to continue enabling our fast-growing and highly scalable business model to meet clients’ commercial and securities-based lending and asset management needs.”

Jim Getz, Chairman and CEO of TriState Capital Holdings