Stifel Financial (SF) Issues 233,500 Shares to BancAtlantic Bancorp (BBX)
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Stifel Financial Corp. (NYSE: SF) has issued 233,500 shares of its $0.15 par value common stock to BancAtlantic Bancorp, Inc. (NYSE: BBX) for an advance of the Private Client Contingent Payment (PCCP) as additional consideration for the purchase of Ryan Beck Holdings, Inc., which the Company acquired on February 28, 2007. The Company agreed to prepay $10 million of the estimated $23 million PCCP, based upon annualized revenue production to date, which is due and payable after the two year earn out period ending February 28, 2009. The Company has elected to make the payment in shares in lieu of cash.
Stifel Financial Corp. (Financial) is a financial services holding company. The Company provides securities related financial services through its wholly owned subsidiaries, Stifel Nicolaus & Company, (Stifel Nicolaus); Century Securities Associates, Inc. (CSA), Stifel Nicolaus Limited (SN Ltd), and Stifel Bank & Trust.[SM]
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