Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Raymond James to Acquire TriState Capital 

Stock MarketsOct 21, 2021 15:36
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Sam Boughedda — Raymond James Financial Inc (NYSE:RJF) announced plans to acquire TriState Capital Holdings Inc (NASDAQ:TSC) in a combination cash-and-stock deal priced at $1.1 billion.

Shares of TriState Capital jumped 31%, while Raymond James shares fell 3%.

Both companies specialize in financial advice. TriState has private banking, commercial banking and investment management products and services. 

TriState Capital shareholders are to receive $6 in cash and 0.25 Raymond James shares for each share of TriState Capital stock they own, representing a per share consideration of $31.09 based on Raymond James stock's closing price on October 19.

In addition, Raymond James has entered into an agreement with the sole holder of the TriState Capital Series C Preferred shares to convert them to common shares at the prescribed exchange ratio and cashed out at $30. TriState Capital Series A Preferred Stock and Series B Preferred Stock will be converted into equivalent Preferred shares of Raymond James.

"This acquisition further illustrates our commitment to utilize excess capital through organic and inorganic growth that we expect to drive strong returns for shareholders over the long term, " said Paul Reilly, chairman and CEO of Raymond James.

TriState Capital will operate as an independently branded firm and act as a stand-alone division and subsidiary of Raymond James. Jim Getz will remain chairman, and Brian Fetterolf will continue as CEO.

TriState's also reported third quarter earnings, including revenue of $60.86 million, which was below the Wall Street consensus of $61.41 million. However, its earnings per share of 44 cents beat the expectation of 41 cents.

Raymond James to Acquire TriState Capital 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email