ST. LOUIS, MO--(Marketwired - Jun 27, 2013) - Stifel Financial Corp. (
"This acquisition by Stifel Bank represents an attractive, financially accretive transaction for Stifel. The transaction is consistent with Stifel Bank's long-term strategy to principally serve our Global Wealth Management business in a low risk, profitable manner. The transaction will add more than $450 million of performing loans to Stifel Bank's portfolio holdings," said Ronald J. Kruszewski, Chairman, President, and CEO of Stifel. "This is a terrific opportunity to grow the bank's assets with seasoned, high quality loans in the growing and attractive DC market."
"The financial strength of Stifel Bank and Stifel Financial Corp. provides great certainty for the consummation of the transaction. We look forward to the integration process with Stifel and, in the interim, maintaining our asset quality and strong capital position," stated James Barber, Chairman and CEO of Acacia Federal.
Established in 1985, and wholly owned by Ameritas Mutual Holding Company, Acacia Federal is a federally chartered savings institution with one retail branch located in Falls Church, Virginia. Over 80% of Acacia Federal's loan portfolio is originated single-family residential mortgages.
The transaction is subject to regulatory approval and customary closing conditions, and is expected to close in December 2013. Terms of the transaction are not disclosed.
Stifel Company Information
Stifel Financial Corp. (
Cautionary Note Regarding Forward-Looking Statements
The information contained in this press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Material factors and assumptions could cause actual results to differ materially from current expectations. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. The Company disclaims any intent or obligation to update these forward-looking statements.