Sterne Agee Enters Into Letter of Intent to Acquire Anderson & Strudwick

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BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Sterne Agee Group, Inc., a financial holding company headquartered in Birmingham, Alabama, has entered into a letter of intent to acquire the Richmond, Virginia based brokerage firm – Anderson & Strudwick Incorporated. The proposed acquisition is subject to customary due diligence and regulatory approvals. Sterne Agee expects the acquisition to be completed in the next 90 days.

With this acquisition, Sterne Agee will expand its wealth management business in the eastern United States, Knoxville, Tennessee and Chicago, Illinois through Anderson & Strudwick’s eighteen offices and highlights Sterne Agee’s continued commitment to the expansion of its business. The Sterne Agee family of companies provides investment banking, research, securities clearing, asset management, trust, and institutional and retail securities brokerage services.

“We are excited at the opportunity to expand our eastern presence with the acquisition of Anderson & Strudwick and believe that Anderson & Strudwick has built an impressive business with a culture similar to ours in key markets in the eastern United States,” said Jim Holbrook, Chairman and CEO of Sterne Agee Group, Inc.

Damon Joyner, President and CEO at Anderson & Strudwick, will become a Senior Managing Director at Sterne Agee. “Our team is very excited to join a largely employee-owned firm such as Sterne Agee and believe that Sterne Agee is the right fit for our clients and employees,” said Mr. Joyner.

About Sterne Agee

Founded in 1901, Sterne Agee is one of the oldest and largest privately-owned investment banking firms in the country employing nearly 1,200 employees in 45 offices in 23 states. Sterne Agee is the trade name used by all affiliates of Sterne Agee Group, Inc., including Sterne, Agee & Leach, Inc., member of NYSE, FINRA, and SIPC. For more information, visit www.sterneagee.com.