Raymond James has purchased TriState Capital Holdings Inc., a Pittsburgh-based financial services firm boasting more than $12 billion in assets. The deal is in the form of cash and stock. TriState's shares were converted into a right to receive $6.00 in cash and 0.25 shares of Raymond James common stock.
Executives at Raymond James expressed that the two entities share a strategic and cultural fit, and that that sentiment continually has been reinforced throughout the transaction. A news release indicates that TriState and its subsidiary (Chartwell Investment Partners) will continue to operate under their respective brands. According to TriState executives, TriState Capital Bank, a separately chartered bank, will continue serving its clients with private banking, commercial lending, and treasury management solutions.
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