Stifel Financial has agreed to buy Finance 500 and CB Resource. The terms of the deal were undisclosed.
Finance 500 and CB Resource are based out of Irvine, California, and they operate as strategic partners under common ownership. These companies are market leaders in the underwriting and issuance of certificates of deposits, having worked with over 1,200 depository institutions in raising over $200 billion to support near and long-term funding needs.
Finance 500 is a brokerage and investment services provider focused on underwriting FDIC-insured Certificates of Deposits and fixed income securities trading. And CBR offers an advanced platform to deliver enterprise risk management, strategic planning, capital planning, and interactive performance-based analytics for community banks.
Keefe, Bruyette & Woods (a Stifel company) acted as the exclusive financial advisor, and Bryan Cave Leighton Paisner LLP acted as legal advisor to Stifel in the transaction. And Houlihan Lokey acted as exclusive financial advisor, and Calfee, Halter & Griswold LLP acted as legal advisor to Finance 500 and CB Resource.
KEY QUOTES:
“We are always looking for opportunities to enhance our offering and better serve our clients. The addition of Finance 500 and CBR provides Stifel a technology-driven platform that will ensure our existing brokered CD funding business, our institutional CD investment offerings, and our community bank balance sheet risk management practice, are scalable and sustainable for the future. We all share the same client-driven approach and expect the Finance 500 and CBR teams to seamlessly integrate into our platform.”
– Brant McDuffie, Global Co-Head of Stifel Fixed Income Capital Markets
“Finance 500 and CBR, with our 40 years of experience, joined forces to deliver industry-leading CD funding, trading, ERM, planning, and performance-based analytics on a scalable platform. We couldn’t be more excited to join Stifel’s solutions and growth-driven team. Our clients will benefit from Stifel’s market presence, financial strength, and access to the firm’s comprehensive suite of products and services.”
– Jeff Rigsby, Chairman and CEO of both companies
