Siebert Brandford Shank Executes Letter of Intent to Purchase Siebert Capital Markets From Siebert Financial Corp.

NEW YORK, Sept. 8, 2014 /PRNewswire/ -- Siebert Brandford Shank & Co., L.L.C. (SBSCO) (www.sbsco.com), the largest minority-owned municipal finance firm in the U.S., today announced that it has executed a letter of intent to acquire the Siebert Capital Markets (SCM) division of Siebert Financial Corp.(NASDAQ:SIEB). Terms of the agreement were not disclosed.

The addition of SCM enables SBSCO to expand its product and service offerings from its sole focus on municipal bond underwriting to include corporate debt and equity underwriting, investment banking and execution services.   Since 2004, SCM participated in over $820 billion of global debt and equity offerings for many of the largest Fortune 500 companies.

Through the first half of 2014, SBSCO was lead manager and/or co-manager on $30.586 billion of municipal financings. The firm ranked among the top 10 senior managing underwriters in the U.S. during the first quarter of 2014, according to data compiled by Thomson Reuters and published in industry newspaper The Bond Buyer. It was the only minority-owned firm on the list. In 2013, SBSCO served as senior manager on more than $5.9 billion of municipal financings and co-managed more than $69 billion.

"This acquisition will allow SBSCO to participate in some of the largest and most high profile municipal, equity and corporate debt offerings in the financial markets," said Suzanne Shank, President and CEO.  "In this way, we can continue the legacy of my dear friend and mentor, Mickie Siebert, by broadening our relationships and aggressively engaging more deeply with our clients.   Our focus will continue to be on providing the highest level of value-added services to our municipal and corporate clients nationally."

Siebert Capital Markets will continue to be led by Myles Turner, Senior Managing Director. "I am excited on behalf of my entire team.  This opportunity allows us to expand our client offerings by partnering with Siebert Brandford Shank, the premier African-American / Woman-Owned investment bank," said Myles Turner.

The late Muriel Siebert founded Siebert Financial Corp. in 1967, the same year she became the first woman in history to own a seat on the New York Stock Exchange. Ms. Siebert went on to co-found SBSCO in 1996 with Ms. Shank and current chairman Napoleon Brandford III. Siebert Financial Corp. holds a 49% ownership stake in SBSCO. Ms. Siebert passed away in August 2013.

"This acquisition is a perfect fit for many reasons," said Mr. Brandford. "In addition to the significant business advantages it delivers to our firm and our clients, Siebert Brandford Shank and Siebert Capital Markets share the same DNA. Both were founded by one of Wall Street's great visionaries, Mickie Siebert, the First Woman of Finance."

About Siebert Brandford Shank (SBSCO)

Siebert Brandford Shank is the largest women/minority-owned municipal finance firm in the U.S. The firm was co-founded in 1996 by the late Muriel Siebert, the first woman to own a seat on the New York Stock Exchange; Suzanne Shank, current President and CEO; and Napoleon Brandford III, current Chairman. Since its inception, the firm has acted as a managing underwriter for municipal bond transactions exceeding $1.2 trillion and ranks among the top 10 in seven key infrastructure categories. SBSCO earned the distinction in 2010 of becoming the first minority-owned firm to be among the top 10 municipal bond underwriters, as ranked by Bond Buyer. With dual headquarters in New York and Oakland, CA, SBSCO maintains 17 offices nationwide.

SOURCE Siebert Brandford Shank & Co., L.L.C.

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