Terms weren't disclosed, but Winston-Salem, N.C.-based BB&T said Bergen will become part of its Richmond, Va.-based Scott & Stringfellow unit. Closing is expected in the first quarter.
Bergen Capital is a full-service brokerage firm specializing in underwriting and distributing debt securities for private clients, small businesses, institutions, nonprofits and corporations. Bergen Capital was founded in 1998 by Charles Gilbride, Dean Myerow and Norman Wetmore. It now has 75 employees, including 55 registered representatives. Gilbride, Myerow and Wetmore will continue to hold senior leadership positions with the Bergen unit.
"We're excited about adding a growing, high-quality firm known as much for its emphasis on client relationships as it is for putting together quality investment strategies in the bond market," said Scott & Stringfellow chief Walter Robertson. "Bergen Capital will extend our reach into two strategic growth markets."
Bergen Capital is divided into three core businesses: private client investment services, national investment banking and debt securities trading. The firm specializes in using information technology tools to provide research data, industry news and the most current bond offerings to clients and staff.
"We see ourselves as a financial services firm with a core excellence in technology," said Gilbride, president of Bergen Capital. "But we've built our reputation on client-centric service, a trait we share with Scott & Stringfellow and BB&T. With this merger, we'll be able to take advantage of many additional resources which will enable us to provide more extensive investment services to our growing client base."
On Monday, BB&T fell 21 cents to $43.28.