Siebert Financial Corp. Announces a Letter of Intent with Siebert Brandford Shank & Co.
September 08 2014 - 10:03AM
Business Wire
Siebert Financial Corp. (NASDAQ: SIEB) today announced a letter
of intent for the sale of its Capital Markets division to
top-ranked municipal finance firm Siebert Brandford Shank &
Co., L.L.C. Terms of the preliminary agreement were not
disclosed.
The Siebert Capital Markets Group offers Institutional clients
equity execution services on an agency basis, as well as equity and
fixed income underwriting and investment banking services.
“We are pleased to execute the letter of intent with Siebert
Brandford Shank & Co.,” said Jane H. Macon, Chairwoman of the
Board of Directors of Siebert Financial Corp. “Importantly, it
builds upon the strong legacy of integrity and devotion to client
services established by our founder, Muriel F. Siebert, the First
Woman to own a seat on the New York Stock Exchange. Mickie was a
staunch supporter of equality in the world of business, and this
agreement positions the Capital Markets Group to utilize key
synergies at SBSCO.”
Muriel Siebert & Co., Inc. owns 49% of Siebert Brandford
Shank & Co., L.L.C., which was founded in 1996.
Siebert Brandford Shank has had aggressive growth since its
inception, managing deals for state and local governments across
the country totaling over $1 trillion in municipal transactions.
The firm is the top-ranked minority- and women-owned municipal bond
underwriting firm in the country and is the only minority and
women-owned firm ever nationally ranked in the top 10 among all
such firms in the country.
About Siebert Financial Corp.
Siebert Financial Corp. is a holding company which conducts all
of its brokerage operations through Muriel Siebert & Co., Inc.
The firm became a member of the New York Stock Exchange in 1967,
when Ms. Siebert became the first woman to own a seat on the
Exchange. Siebert Financial is based in New York City with
additional retail branches in Boca Raton, FL, Beverly Hills, CA and
Jersey City, NJ.
Siebert does not provide investment, tax or legal advice.
Statements in this press release concerning the Company’s business
outlook or future economic performance, anticipated profitability,
revenues, expenses or other financial items, together with other
statements that are not historical facts, are “forward-looking
statements” as that term is defined under the Federal Securities
Laws. Forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results to
differ materially from those stated in such statements. Such risks,
uncertainties and other factors include, changes in general
economic and market conditions, fluctuations in volume and prices
of securities, changes and prospects for changes in interest rates
and demand for brokerage and investment banking services, increases
in competition within and without the discount brokerage business
through broader service offerings or otherwise, competition from
electronic discount brokerage firms offering greater discounts on
commissions than Siebert, prevalence of a flat fee environment,
decline in participation in equity or municipal finance
underwriting, decreased ticket volume in the discount brokerage
division, limited trading opportunities, increases in expenses,
changes in net capital or other regulatory requirements. As a
result of these and other factors, Siebert may experience material
fluctuations in its operating results on a quarterly or annual
basis, which could materially and adversely affect its business,
financial condition, operating results, and stock price, as well as
other risks detailed in the Company’s filings with the Securities
and Exchange Commission. Although the Company believes that the
expectations reflected in “forward-looking statements” are
reasonable, it cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, investors are cautioned
not to place undue reliance on any such “forward-looking
statements,” and the Company disclaims any obligation to update the
information contained herein or to publicly announce the result of
any revisions to such “forward-looking statements” to reflect
future events or developments. An investment in Siebert involves
various risks, including those mentioned above and those, which are
detailed from time to time in Siebert’s Securities and Exchange
Commission filings. Copies of the company’s SEC filings may be
obtained by contacting the company or the SEC.
Rubenstein AssociatesPublic RelationsLaura Hynes-KellerW:
212-843-8095M: 646-797-6992E: lhynes@rubenstein.com
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