Town & Country, MO (KTRS) TD Ameritrade is buying rival Scottrade Financial Services.
TD Ameritrade announced Monday morning that it’s acquiring the Town and Country based company in a $4-billion deal. As part of the deal, TD will buy Scottrade Bank from Scottrade Financial Services for $1.3 billion.
“For more than 40 years, TD Ameritrade has been committed to breaking down the barriers that stand between American investors and Wall Street. That means delivering an investing experience grounded in technology and innovation that educates and enables investors with all levels of ability and wealth to work toward their financial goals,” said Tim Hockey, TD Ameritrade president and chief executive officer.
“We’ve found in Scottrade a partner with an equally-strong passion and a proven track record for delivering exceptional client experiences. This combination will allow us to leverage our strengths and increase our scale, further accelerate our asset gathering capabilities and introduce our award-winning line-up of trading tools, products and education services to millions of new investors.” added Hockey.
“Since founding Scottrade in 1980, our mission has been to lower the cost of investing and trading while treating clients fairly and honestly. Over the last 36 years, thanks to the tireless efforts of our talented associates, we have expanded our services and evolved the business while maintaining our commitment to helping people overcome barriers to financial success,” said Rodger Riney, Scottrade founder and
chief executive officer.
“We are confident we have found a great partner in TD Ameritrade, who shares our client-first focus. Joining forces will enable us to offer clients an expanded array of trading tools, enhanced education resources and advanced option capabilities with broader geographic reach.
Together, we will be well-positioned to compete in today’s rapidly evolving financial services industry.” added Riney
The deal is expected to be wrapped up in September of 2017.