Ferris, Baker, Watts Agrees to Merge
Another pillar of the Washington-Baltimore region is leaving, er being acquired, this time by the U.S. subsidiary of the Royal Bank of Canada. Here's an account from the Associated Press:
Royal Bank of Canada has reached a deal to buy Ferris, Baker, Watts Inc. to establish a stronger foothold in the U.S., the companies said Thursday. RBC did not disclose the price it expects to pay.
RBC, through its Dain Rauscher subsidiary, expects to close the deal by the middle of the year, pending approval by U.S. and Canadian regulators and FBW's shareholders.
Established in 1998 when Ferris and Co. merged with Baker Watts, FBW runs a brokerage and investment bank with $18.5 billion in assets under administration. With 42 branch offices in 10 states, FBW helps companies sell stocks and bonds and advises on corporate takeovers.
RBC Dain Rauscher's chief executive, John Taft, said in a statement FBW will help the bank build a stronger presence in the East, Midwest and Mid-Atlantic regions of the U.S.
"FBW represents a strong strategic and cultural fit for the U.S. wealth management business of RBC," he said.
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