Sterne Agee completes Virginia brokerage firm acquisition

BIRMINGHAM, Ala. -- Sterne Agee Group Inc. has completed its acquisition of the private client group of a Virginia-based brokerage firm, the company announced today.

The acquisition of the private client group of Richmond-based Anderson & Strudwick, Inc. expands Birmingham-based Sterne Agee's footprint into the eastern and mid-Atlantic regions. The acquisition was announced in October, when Sterne Agee said it signed a letter of intent.

"The only change Anderson & Strudwick's existing clients will experience is the enhanced financial strength of Sterne Agee's more than 100 years of service excellence," Damon Joyner, former president and CEO at Anderson & Strudwick who is now Senior Managing Director with Sterne Agee, said today in a prepared statement. "Being part of Sterne Agee is very positive for our clients and a perfect fit for all. Plus, we are having a smooth transition into the firm and are excited about 2012." 

The 100-year-old Sterne Agee is one of the oldest and largest privately-owned investment banking firms in the country. The company employs nearly 1,200 people and has 50 offices in 22 states.

"We are pleased to expand our business in the Mid-Atlantic states," said Jim Holbrook, Chairman and CEO of Sterne Agee Group, Inc. "The expansion in these markets will continue to strengthen Sterne Agee's private client group business."

http://blog.al.com/businessnews/2011/12/sterne_agee_completes_virginia.html