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Home / transaction / Berkshire Global Advisors client FTN Financial acquires Coastal Securities
Berkshire Global Advisors client FTN Financial acquires Coastal Securities
  • has acquired
  • Berkshire Global Advisors client FTN Financial acquires Coastal Securities

  • Date: October 2016
  • Sector: Securities and Investment Banking
  • Sub-Sector: Investment Bank
  • Region: North America
  • Seller AUM: N/A
  • Seller Details
    Coastal Securities, Inc. is an investment banking and brokerage firm that provides financial advisory and underwriting services. It offers buying, selling, and trading of corporate and municipal bonds and government and government agency guaranteed, taxable fixed income, and tax-exempt securities. Additionally, the firm provides fixed and variable rate mortgage backed and treasury securities trading, public finance advisory, accounting, operations and settlement, sales management, financial strategies, and compliance services. Coastal Securities, Inc. was founded in 1991 and is based in Houston, Texas.

    Buyer Details
    FTN Financial is an industry leader in fixed income sales, trading and strategies for institutional customers in the US and abroad. FTN Financial provides investment services and balance sheet management solutions. With an average daily trading volume of $5+ billion, FTN Financial transacts business with more than 5,000 institutional customers and approximately 50 percent of all US banks with portfolios of more than $100 million*.
    *For 24-month period ending 4Q15

    Transaction Summary
    Coastal’s government-guaranteed loan products, combined with FTN Financial’s existing SBA trading activities, will establish an additional major product sector for FTN Financial, resulting in increased revenue and product diversification. The transaction, which has been approved by the boards of directors of First Horizon National Corporation (NYSE:FHN), FTN Financial’s parent company, and CFH is subject to regulatory approvals, the affirmative vote of CFH shareholders and other customary closing conditions. Upon closing, the transaction is expected to be immediately accretive to First Horizon’s earnings per share, return on tangible common equity and return on assets.