Stifel Bank & Trust to Acquire Acacia Federal Savings Bank
ST. LOUIS, MO -- (Marketwired) -- 06/27/13 -- Stifel Financial
Corp. (NYSE: SF) today announced that Stifel Bank & Trust has entered
into a definitive agreement to acquire Acacia Federal Savings Bank
(Acacia Federal), a one-branch community bank with approximately $745
million in total assets as of March 31, 2013.
"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
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. (NYSE: SF) is a
financial services holding company headquartered in St. Louis,
Missouri that conducts its banking, securities, and financial
services business through several wholly owned subsidiaries. Stifel
clients are served through Stifel, Nicolaus & Company, Incorporated
in the U.S., through Stifel Nicolaus Canada Inc. in Canada, through
Stifel Nicolaus Europe Limited in the United Kingdom and Europe, and
through Keefe, Bruyette & Woods, Inc. in the U.S. and Europe. The
Company's broker-dealer affiliates provide securities brokerage,
investment banking, trading, investment advisory, and related
financial services to individual investors, professional money
managers, businesses, and municipalities. Stifel Bank & Trust offers
a full range of consumer and commercial lending solutions. Stifel
Trust Company, N.A. offers trust and related services. To learn more
about Stifel, please visit the Company's web site at www.stifel.com.
Cautionary Note Regarding Forward-Looking Statements
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.
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