NEW YORK--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ: SIEB) today announced a letter of intent for the sale of its Capital Markets division to top-ranked municipal finance firm Siebert Brandford Shank & Co., L.L.C. Terms of the preliminary agreement were not disclosed.
The Siebert Capital Markets Group offers Institutional clients equity execution services on an agency basis, as well as equity and fixed income underwriting and investment banking services.
“We are pleased to execute the letter of intent with Siebert Brandford Shank & Co.,” said Jane H. Macon, Chairwoman of the Board of Directors of Siebert Financial Corp. “Importantly, it builds upon the strong legacy of integrity and devotion to client services established by our founder, Muriel F. Siebert, the First Woman to own a seat on the New York Stock Exchange. Mickie was a staunch supporter of equality in the world of business, and this agreement positions the Capital Markets Group to utilize key synergies at SBSCO.”
Muriel Siebert & Co., Inc. owns 49% of Siebert Brandford Shank & Co., L.L.C., which was founded in 1996.
Siebert Brandford Shank has had aggressive growth since its inception, managing deals for state and local governments across the country totaling over $1 trillion in municipal transactions. The firm is the top-ranked minority- and women-owned municipal bond underwriting firm in the country and is the only minority and women-owned firm ever nationally ranked in the top 10 among all such firms in the country.
About Siebert Financial Corp.
Siebert Financial Corp. is a holding company which conducts all of its brokerage operations through Muriel Siebert & Co., Inc. The firm became a member of the New York Stock Exchange in 1967, when Ms. Siebert became the first woman to own a seat on the Exchange. Siebert Financial is based in New York City with additional retail branches in Boca Raton, FL, Beverly Hills, CA and Jersey City, NJ.
Siebert does not provide investment, tax or legal advice. Statements in this press release concerning the Company’s business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items, together with other statements that are not historical facts, are “forward-looking statements” as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and other factors include, changes in general economic and market conditions, fluctuations in volume and prices of securities, changes and prospects for changes in interest rates and demand for brokerage and investment banking services, increases in competition within and without the discount brokerage business through broader service offerings or otherwise, competition from electronic discount brokerage firms offering greater discounts on commissions than Siebert, prevalence of a flat fee environment, decline in participation in equity or municipal finance underwriting, decreased ticket volume in the discount brokerage division, limited trading opportunities, increases in expenses, changes in net capital or other regulatory requirements. As a result of these and other factors, Siebert may experience material fluctuations in its operating results on a quarterly or annual basis, which could materially and adversely affect its business, financial condition, operating results, and stock price, as well as other risks detailed in the Company’s filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in “forward-looking statements” are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Accordingly, investors are cautioned not to place undue reliance on any such “forward-looking statements,” and the Company disclaims any obligation to update the information contained herein or to publicly announce the result of any revisions to such “forward-looking statements” to reflect future events or developments. An investment in Siebert involves various risks, including those mentioned above and those, which are detailed from time to time in Siebert’s Securities and Exchange Commission filings. Copies of the company’s SEC filings may be obtained by contacting the company or the SEC.