A St. Louis-based investment banking firm that is on its way to Baltimore is buying a New Jersey-based firm that already has offices here.
Stifel Nicolaus, which is moving into the downtown Baltimore icon Alex Brown Building at 1 South St., will couple with Ryan Beck Holdings Inc., a wholly owned subsidiary of Bank Atlantic Bancorp Inc.
Ryan Beck operates offices on South Charles Street in downtown Baltimore and another office in Bel Air.
Officials at Ryan Beck headquarters in Florham Park, N.J., did not return telephone calls seeking comment. It is unknown if the local Ryan Beck offices will move into the Alex Brown Building once Stifel?s move to town is complete.
Stifel in November signed a long-term lease for 76,000 square feet in the downtown building. The firm will take the 15th, 16th and 17th floors of the building for its investment banking business and the 30th floor for its private client group.
The merger announcement comes at the same time Stifel told investors the Ryan Beck purchase positions Stifel to reach a new customer base in the East and Southeast.
“We?ll continue on our goal to be the premier middle market investment banking and brokerage firm in the country,” Ronald J. Kruszewski, chief executive officer of Stifel Nicolaus? parent, Stifel Financial Corp., told analysts earlier this month.
Calls to Stifel?s St. Louis office were not returned.
Stifel?s purchase of Ryan Beck involves a combination of cash and stock. It also is contingent on certain revenue goals being met by “specified individuals” in Ryan Beck?s private client division and investment banking division.
In December 2005, Stifel bought Legg Mason?s capital market group from Citigroup. Stifel also said it intends to buy First Service Financial Co., in a $38 million deal, and the private client business of Miller Johnson Steichen Kinnard Inc., which has offices in South Dakota, North Dakota, Minnesota and Arizona. Terms of the Miller deal were not disclosed.
