Raymond James Financial said Wednesday that it had agreed to buy Roney & Co., a midwestern brokerage, from Bank One Corp. for $80 million in cash.
Detroit-based Roney would be run by William C. Roney 3d as a division of Raymond James & Associates and eventually take its name, the brokerage said.
Chicago-based Bank One picked up Roney in its Oct. 2 acquisition of First Chicago NBD Corp. First Chicago bought Roney in 1997 for $95 million.
"The approach to the investment business in general with First Chicago NBD was much more of a match than it ultimately proved to be with Bank One," Mr. Roney said.
Roney's 330 brokers in Michigan, Indiana, and Ohio will bring the total in Raymond James & Associates to 900. The firm's strongholds are in the Southeast and the Middle Atlantic states. The deal is expected to close June 30.
Roney had $112.6 million of revenues in its most recent fiscal year. Raymond James had $1.1 billion.