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SMALL BALL: "We are as active as we've ever been" in advising small community banks, says Thomas Michaud, the CEO of Stifel's Keefe, Bruyette & Woods unit.

Strong Early Returns from Dealmakers' Deal

When it agreed to be sold to Stifel last year, KBW was painted as a victim of weak bank M&A and the transformation of investment banking. Things are looking up now as the combined company ranked as the top advisor in four of six U.S. regions at midyear.

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