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Business Observer Wednesday, Jun. 1, 2022 2 months ago

Raymond James completes $1.1B deal for Pittsburgh financial services firm

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TriState Capital Holdings and its subsidiary will continue to operate under their established brands.

St. Petersburg-based Raymond James Financial Inc. (NYSE: RJF) has completed its acquisition of TriState Capital Holdings Inc. (NASDAQ: TSC), a Pittsburgh-based financial services firm that boasts more than $12 billion in assets, for $1.1 billion in cash and stock.

As a result of the acquisition, each share of TriState Capital common stock was converted into the right to receive $6 in cash and 0.25 shares of Raymond James common stock, which represents per-share consideration of $30.62 based on the closing price of Raymond James common stock May 31. Shares of TriState Capital ceased trading after the closing of the NASDAQ stock market on May 31.

“The strategic and cultural fit between Raymond James and TriState has been continually reinforced as our teams have worked toward this point over the last few months,” Raymond James Chairman and CEO Paul Reilly says in a statement. “Our collective focus on client-first values and a long-term horizon are unique and a true differentiator for our firms. I’m thrilled to officially welcome TriState Capital to the Raymond James family and look forward to growing together.” 

TriState and its subsidiary, asset management franchise Chartwell Investment Partners, will continue to operate under their respective brands, according to a news release. Chair Jim Getz, TriState CEO Brian Fetterolf and Chartwell CEO Tim Riddle will retain their roles, while 350 employees are expected to remain with the company at its existing offices.

“We at TriState Capital are as excited about our future as we have ever been, and we are excited about our opportunity to partner with Raymond James who truly values what we have built and what we have left to achieve,” Getz states in the release. “Remaining as a separately chartered bank, TriState Capital Bank will continue serving our clients with premier private banking, commercial lending and treasury management solutions.”

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