Business Services Industry
Livingston, N.J.-Based Bank Plans Purchase of New York-Based Brokerage Firm.
Knight Ridder/Tribune Business News, April, 2002
By Antonio Fins, South Florida Sun-Sentinel Knight Ridder/Tribune Business News
Apr. 23-- A BankAtlantic Bancorp Inc. subsidiary said Monday it is purchasing the retail brokerage operations of one of the country's oldest investment firms.
The unit, Ryan, Beck & Co., agreed to buy Gruntal & Co., based in New York and founded in 1880, after Gruntal's sale to another investment firm was called off. Ryan, Beck is an investment bank based in Livingston, N.J. Terms of the Ryan, Beck-Gruntal deal were not disclosed.
Ryan, Beck, which was purchased by BankAtlantic in 1998, will pick up 500 account executives and 21 Gruntal offices, including two in Broward and one in Palm Beach counties.
Ryan, Beck, which has nine offices, mostly located...
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