NEW YORK, Sept. 8, 2014 /PRNewswire/ -- Siebert
Brandford Shank & Co., L.L.C. (SBSCO) (www.sbsco.com), the
largest minority-owned municipal finance firm in the U.S., today
announced that it has executed a letter of intent to acquire the
Siebert Capital Markets (SCM) division of Siebert Financial
Corp.(NASDAQ:SIEB). Terms of the agreement were not
disclosed.
The addition of SCM enables SBSCO to expand its product and
service offerings from its sole focus on municipal bond
underwriting to include corporate debt and equity underwriting,
investment banking and execution services. Since 2004,
SCM participated in over $820 billion
of global debt and equity offerings for many of the largest Fortune
500 companies.
Through the first half of 2014, SBSCO was lead manager and/or
co-manager on $30.586 billion of
municipal financings. The firm ranked among the top 10 senior
managing underwriters in the U.S. during the first quarter of 2014,
according to data compiled by Thomson Reuters and published in
industry newspaper The Bond Buyer. It was the only
minority-owned firm on the list. In 2013, SBSCO served as senior
manager on more than $5.9 billion of
municipal financings and co-managed more than $69 billion.
"This acquisition will allow SBSCO to participate in some of the
largest and most high profile municipal, equity and corporate debt
offerings in the financial markets," said Suzanne Shank, President and CEO. "In
this way, we can continue the legacy of my dear friend and mentor,
Mickie Siebert, by broadening our
relationships and aggressively engaging more deeply with our
clients. Our focus will continue to be on providing the
highest level of value-added services to our municipal and
corporate clients nationally."
Siebert Capital Markets will continue to be led by Myles Turner, Senior Managing Director. "I am
excited on behalf of my entire team. This opportunity allows
us to expand our client offerings by partnering with Siebert Brandford Shank, the premier
African-American / Woman-Owned investment bank," said
Myles Turner.
The late Muriel Siebert founded
Siebert Financial Corp. in 1967, the same year she became the first
woman in history to own a seat on the New York Stock Exchange. Ms.
Siebert went on to co-found SBSCO in 1996 with Ms. Shank and
current chairman Napoleon Brandford
III. Siebert Financial Corp. holds a 49% ownership stake in
SBSCO. Ms. Siebert passed away in August
2013.
"This acquisition is a perfect fit for many reasons," said
Mr. Brandford. "In addition to the significant business
advantages it delivers to our firm and our clients, Siebert Brandford Shank and Siebert Capital
Markets share the same DNA. Both were founded by one of Wall
Street's great visionaries, Mickie
Siebert, the First Woman of Finance."
About Siebert Brandford Shank
(SBSCO)
Siebert Brandford Shank is the
largest women/minority-owned municipal finance firm in the U.S. The
firm was co-founded in 1996 by the late Muriel Siebert, the first woman to own a seat on
the New York Stock Exchange; Suzanne
Shank, current President and CEO; and Napoleon Brandford III, current Chairman. Since
its inception, the firm has acted as a managing underwriter for
municipal bond transactions exceeding $1.2
trillion and ranks among the top 10 in seven key
infrastructure categories. SBSCO earned the distinction in 2010 of
becoming the first minority-owned firm to be among the top 10
municipal bond underwriters, as ranked by Bond Buyer. With
dual headquarters in New York and
Oakland, CA, SBSCO maintains 17
offices nationwide.
SOURCE Siebert Brandford Shank
& Co., L.L.C.