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(Graphic: Business Wire)

Thomas B. Michaud, President and CEO of KBW, said, “This merger will allow KBW to focus on its strengths in the financial services sector while offering clients a greatly expanded array of products and services through the Stifel platform. KBW’s deep roster of client relationships will be supported by a strong institutional business and global wealth management business. With little overlap, this merger will provide a significant opportunity to grow our combined companies' market share.”

The combined company will provide investment banking, sales and trading, and research in the financial services vertical through KBW’s Keefe, Bruyette & Woods broker-dealer subsidiary, which will continue to operate as an independent subsidiary of Stifel following completion of the transaction. Stifel will utilize KBW’s preeminent market brand as a highly focused, specialized financial services platform of choice.

Stifel has identified significant synergies that will leverage the integrated platforms and take advantage of Stifel’s robust global wealth management capabilities. Annualized net revenues for the two companies are approximately $1.8 billion, based upon 2012 results through September 30, 2012.

The merger is subject to approval by KBW shareholders and customary regulatory approvals. Thomas Michaud will join Stifel’s board and management team upon completion of the merger and will remain Chief Executive Officer of the KBW business unit.

Stifel was advised by its own wholly owned subsidiary, Stifel, Nicolaus & Company, Incorporated and was represented by Bryan Cave LLP. Stephens Inc. rendered a fairness opinion to the board of directors of Stifel Financial Corp. KBW was advised by its own wholly owned subsidiary, Keefe, Bruyette & Woods, Inc., and BofA Merrill Lynch, and was represented by Sullivan & Cromwell LLP.

Conference Call Information/ Earnings Announcement

Stifel and KBW will host a joint conference call today, November 5, at 8:30 a.m. (Eastern).

All interested parties are invited to listen to Stifel’s Chairman, President and CEO, Ronald J. Kruszewski, and KBW’s CEO and President, Thomas B. Michaud, by dialing (800) 651-2240 and referencing conference ID #64728788.

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