Commenting on the acquisition, Stifel chairman, president and CEO Ronald Kruszewski said that the deal represents an attractive, financially accretive transaction for the bank and helps it to grow businesses in DC market.
"The transaction is consistent with Stifel Bank’s long-term strategy to principally serve our Global Wealth Management business in a low risk, profitable manner," Kruszewski added.
Founded in 1985, Acacia Federal Savings Bank operates as a wholly owned by Ameritas Mutual Holding Company.
Financial terms of the transaction were not revealed. The deal is expected to be completed in December 2013, following regulatory approval..
Headquartered in St. Louis, Missouri, Stifel Financial, the parent company of Stifel Bank, is engaged banking, securities, and financial services business.
