06/14/2022 | 09:26am EDT
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First Trust Advisors L.P. (“FTA”) announced today that shareholders of First Trust Enhanced Equity Income Fund (NYSE: FFA) (the “Fund”), a closed-end fund, have voted to approve a new investment sub-advisory agreement with Chartwell Investment Partners, LLC (“Chartwell”). Earlier this month, Raymond James acquired substantially all the assets of TriState Capital Holdings (“TriState”), the parent company of Chartwell (the “Transaction”). The Transaction operated as an “assignment” of the Fund’s previous sub-advisory agreement with Chartwell, which automatically terminated upon the closing of the Transaction. In anticipation of the Closing, the Board of Trustees of the Fund approved a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) among the Fund, FTA and Chartwell, which was submitted to shareholders of the Fund for approval at a special meeting of shareholders. FTA is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $203 billion as of May 31, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. Chartwell has served as the investment sub-advisor to the Fund since September 14, 2007. Chartwell is an investment firm focusing on institutional, sub-advisory, and private client relationships. The firm is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process. As of May 31, 2022, Chartwell had approximately $10.9 billion in assets under management. This press release contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of FTA and/or Horizon and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would,” “will” or other words that convey uncertainty of future events or outcomes. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of a Fund to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this press release, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of FTA and/or Horizon and their respective representatives only as of the date hereof. No obligation will be undertaken to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof. The Fund’s daily closing price and net asset value per share as well as other information can be found at www.ftportfolios.com . View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005718/en/
© Business Wire 2022

First Trust Announces Shareholder Approval of the New Investment Sub-Advisory Agreement for First Trust Enhanced Equity Income Fund

St. Petersburg,  UNITED STATES
ST. PETERSBURG, Fla., June  01, 2022  (GLOBE NEWSWIRE) -- Raymond James Financial (NYSE: RJF) announced today that it has completed the previously announced acquisition of TriState Capital Holdings, Inc.
“The strategic and cultural fit between Raymond James and TriState has been continually reinforced as our teams have worked toward this point over the last few months,” said Raymond James Chair and CEO Paul Reilly. “Our collective focus on client-first values and a long-term horizon are unique and a true differentiator for our firms. I’m thrilled to officially welcome TriState Capital to the Raymond James family and look forward to continue growing together.”
“We at TriState Capital are as excited about our future as we have ever been, and we are excited about our opportunity to partner with Raymond James who truly values what we have built and what we have left to achieve,” said TriState Capital Executive Chairman and founder Jim Getz. “Remaining as a separately-chartered bank, TriState Capital Bank will continue serving our clients with premier private banking, commercial lending and treasury management solutions. Chartwell Investment Partners will complement and benefit from the resources offered by Carillon Tower Advisers.”
As a result of the acquisition, each share of TriState Capital common stock was converted into the right to receive $6.00 in cash and 0.25 shares of Raymond James common stock, which represents per share consideration of $30.62 based on the closing price of Raymond James common stock on May 31, 2022. Shares of TriState Capital ceased trading after the closing of the NASDAQ stock market on May 31, 2022. In addition, each share of TriState Capital’s Series C Perpetual Non-Cumulative Convertible Non-Voting Preferred Stock was converted into the right to receive $30 per share of the TriState Capital common stock into which such Series C preferred stock was convertible. Further, each share of TriState Capital’s 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock and each share of TriState Capital’s 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock was converted, respectively, into the right to receive one share of a newly created series A and series B preferred stock of Raymond James. Each outstanding TriState Capital depositary share representing a 1/40th interest in a share of the applicable series of TriState Capital preferred stock was converted into a Raymond James depositary share representing a 1/40th interest in a share of the applicable newly created series of Raymond James preferred stock (NYSE: RJF PrA and RJF PrB). For more information on the transaction, please refer to the announcement press release . About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,700 financial advisors. Total client assets are $1.18 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com . Forward Looking Statements
Statements included in this communication, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements about the benefits of the acquisition of TriState Capital by Raymond James, including future financial and operating results (including the anticipated effect of the transaction on Raymond James’s earnings), Raymond James’s plans post-transaction, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “scheduled,” “plans,” “intends,” “anticipates,” “expects,” “believes,” “estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Raymond James to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others: (1) the risk that the cost savings and any revenue synergies from the transaction may not be fully realized or may take longer than anticipated to be realized; (2) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses; (3) the amount of the costs, fees, expenses and charges related to the transaction; (4) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the transaction; (5) the dilution caused by Raymond James’s issuance of additional shares of its common stock in the transaction; (6) general competitive, economic, political and market conditions, and (7) other factors that may affect future results of Raymond James, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation and legislative and regulatory actions and reforms. Additional factors which could affect future results of Raymond James can be found in Raymond James’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed with the SEC and available on the SEC’s website at http://www.sec.gov and in other documents Raymond James has filed with the SEC, including its registration statement on Form S-4 (reg. no. 333-261647) and filings related to that registration statement. Raymond James disclaims any obligation and does not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Raymond James Completes Acquisition Of TriState Capital Holdings, Inc.

Raymond James Financial has completed its previously announced acquisition of TriState Capital Holdings Inc., the holding company of TriState Capital Bank. The Pittsburgh-based bank, which offers private banking, commercial lending and treasury management solutions, will continue to operate as a separately chartered bank. TriState’s Chartwell Investment Partners unit has become a wholly owned subsidiary of Carillon Tower Advisers, itself a subsidiary of Raymond James Financial.

Raymond James completes acquisition of TriState Capital

SHAREHOLDER ALERT: WeissLaw LLP Reminds FTSI, TSC, MDP, And ESBK Shareholders About Its Ongoing Investigations
NEW YORK, Oct. 29, 2021 /PRNewswire/ -- If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact : Joshua Rubin, Esq. Author:
NEW YORK, Oct. 29, 2021 /PRNewswire/ --
If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.WeissLaw LLP305 Broadway, 7th Floor New York, NY 10007 (212) 682-3025 (888) 593-4771 stockinfo@weisslawllp.com
FTS International, Inc.(NYSE American: FTSI)
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of FTS International, Inc.(NYSE American: FTSI) in connection with the proposed acquisition of the company by ProFrac Holdings, LLC. Under the terms of the merger agreement, FTSI's shareholders will receive $26.52 per share in cash for each share of FTSI common stock that they hold. If you own FTSI shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslaw.co/news-and-cases/ftsi   
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of TriState Capital Holdings Inc. ( TSC ) - Get TriState Capital Holdings, Inc. Report in connection with the proposed acquisition of the company by Raymond James Financial, Inc. (" Raymond James"). Under the terms of the merger agreement, TSC shareholders will receive $6.00 in cash and 0.25 Raymond James shares for each TSC share they own, representing implied per-share merger consideration of approximately $30.90 based upon Raymond James's October 28, 2021 closing price of $99.58. If you own TSC shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslaw.co/news-and-cases/tsc  
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Meredith Corporation ( MDP ) - Get Meredith Corporation Report in connection with the proposed acquisition of the company by IAC/InterActiveCorp. Under the terms of the merger agreement, MDP shareholders will receive $42.18 per share in cash for each share of MDP common stock that they hold. If you own MDP shares and wish to discuss this investigation or your rights, please call us or visit our website: https://www.weisslaw.co/news-and-cases/mdp-1   
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Elmira Savings Bank ( ESBK ) - Get Elmira Savings Bank Report  in connection with the proposed acquisition of the company by Community Bank System, Inc. Under the terms of the merger agreement, ESBK shareholders will receive $23.10 per share in cash for each share of ESBK common stock that they hold. If you own ESBK shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslaw.co/news-and-cases/esbk
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SOURCE WeissLaw LLP

SHAREHOLDER ALERT: WeissLaw LLP Reminds FTSI, TSC, MDP, And ESBK Shareholders About Its Ongoing Investigations

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With its $1.1 billion cash-and-stock acquisition of TriState Capital Holdings, Raymond James Financial could deploy its bank’s relatively low-cost deposits into more high-yielding loans, fueling growth at a time when interest rates remain stubbornly low and profits from lending have narrowed . Raymond James Chairman and CEO Paul Reilly said the $12.2 billion-asset TriState, a Pittsburgh-based company that caters to middle-market businesses and wealthy individuals, is on a fast-growth trajectory but needs lower cost deposits to maximize profits. The cost of funds at St. Petersburg, Florida-based Raymond James — the parent of the $35 billion-asset Raymond James Bank — was about eight basis points in the third quarter, significantly lower than the 41 basis points TriState is paying on its deposits. “They need deposits,” Reilly said Thursday during a call to discuss the deal. “We have excess deposits” that have been difficult to deploy “at a good cost. So not only do they get low-cost deposits, but we're going to earn a lot higher spread on that cash than we would on our own.”
Raymond James is primarily an asset management firm and its deal for TriState, announced after the markets closed Wednesday, would be its first whole-bank acquisition. It is also the latest in a string of merger agreements struck among banks of all sizes in recent months. Persistently low interest rates, a need to curb costs and broad pursuit of scale are key factors driving merger-and-acquisition activity across the banking industry . As of Oct. 15 there were 166 bank deals announced this year, up from 111 for all of 2020, according to the most recent S&P Global tally. Raymond James intends to operate the 14-year-old TriState as a separately branded, stand-alone division. TriState’s management team is expected to join the combined company. TriState has about $10.8 billion of deposits and nearly $10 billion of loans. It focuses largely on private banking securities-based lending — making loans using securities as collateral. Its SBL balances have increased at a 32% compound annual rate since 2017, and are up 39% over the last 12 months to $6.2 billion. Once the deal is completed in 2022, SBL loans would account for 33% of the combined bank’s total portfolio. That would be up from 21% at Raymond James Bank now. The deal is “really about tomorrow and taking this company to a much higher pace and leveraging off” Raymond James’s “very strong balance sheet," said James Getz, TriState’s chairman, president and CEO. Raymond James expects the transaction to be accretive to diluted earnings per share in the first full year after closing. The accretion is expected primarily from cost savings. Raymond James said expenses will fall as it replaces TriState Capital Bank’s higher-cost deposits with its own. 5h ago
5h ago

What’s behind Raymond James’s $1.1 billion deal for Pittsburgh bank

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On June 1st, 2022, TriState Capital Holdings was acquired by Raymond James & Associates.1B. TriState Capital Holdings is the parent company of TriState Capital Bank, a privately-owned company focused on middle-market businesses, executives, and high net worth individuals. The company was founded in 2007 and is based in Pittsburgh, Pennsylvania.

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