SOURCE: Stifel Financial Corp.

Stifel Financial Corp.

June 27, 2016 06:00 ET

Stifel to Sell Sterne Agee's Legacy Independent Brokerage, Clearing, and RIA Businesses to INTL FCStone Inc.

ST. LOUIS, MO--(Marketwired - June 27, 2016) - Stifel Financial Corp. (NYSE: SF) today announced that it has entered into a definitive agreement to sell Sterne Agee's legacy independent brokerage, clearing, and RIA businesses to INTL FCStone Inc. (NASDAQ: INTL). Following a financial restructuring of the combined businesses, consideration will approximate the tangible net asset value of the entities. The transaction is expected to close immediately after regulatory approval, which is anticipated in July.

As part of the agreement, Stifel has agreed to sell: Sterne Agee Financial Services, Inc.; Sterne Agee Clearing, Inc.; Sterne Agee Leach, Inc.; Sterne Agee Asset Management; and Sterne Agee Investment Advisory Services. To support these businesses, INTL FCStone has agreed to hire substantially all of the Birmingham, Alabama-based support professionals.

Ronald J. Kruszewski, Chairman and CEO of Stifel, commented, "Last year we successfully integrated the Private Client Group branches and institutional fixed income business from our Sterne Agee acquisition. We are pleased to have found an acquirer in INTL FCStone who is committed to these businesses and the professionals in the Birmingham community."

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's broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc., and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company's broker-dealer affiliates provide wealth management, 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. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company's web site at www.stifel.com.

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