Siebert Financial Corp. Announces Transfer of Its Ownership Interest in Siebert Brandford Shank & Co. to Firm’s Majority O...
November 09 2015 - 3:06PM
Business Wire
Siebert Financial Corp. (NASDAQ:SIEB) today announced its
subsidiary, Muriel Siebert & Co., Inc. has sold its ownership
interest held in its affiliate, Siebert Brandford Shank & Co.,
L.L.C. (SBSCO), to the firm’s majority owners. SBSCO is the
nation’s #1 ranked MBE municipal finance firm and a Top 5 ranked
MBE corporate underwriting firm.
The firm was founded in 1996 by the late Muriel Siebert, the
first woman to own a seat on the New York Stock Exchange, together
with its current CEO Suzanne Shank and its retiring chairman
Napoleon Brandford III.
“The transfer of Siebert Financial Corp.’s ownership interest to
SBSCO reflects the vision of Muriel Siebert almost 20 years ago,”
said Jane H. Macon, Chairwoman of the Board of Directors of Siebert
Financial Corp. “We are very pleased that SBSCO will continue under
the strong leadership of Suzanne Shank and has realigned its
ownership structure to include a number of new members who are
committed to its future. We wish SBSCO well as it continues to
build upon an important part of Mickie Siebert’s legacy.”
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 and Beverly Hills, CA.
www.siebertnet.com
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151109006595/en/
Rubenstein AssociatesPublic RelationsLaura Hynes-Keller,
212-843-8095 (Mobile: 646-797-6992)
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