Meridian Bancorp of Reading, Pa., is expanding in the Sunbelt with the purchase of two brokerage firms that operate in Florida and Texas.
Meridian did not disclose the terms of its deal for Marcus Stowell and Beye Inc. and Marcus Stowell and Beye Government Securities Inc. The companies, based in Fort Lauderdale, also have regional offices in Houston.
Their operations will be combined under the banner of Meridian Capital Markets, a unit of the $14.6 billion-asset company. The capital markets subsidiary has offices in Reading, Philadelphia, and Fort Lauderdale.
Separately, Meridian announced last week that it has completed its purchase of McGlinn Capital Management, a local investment advisory firm with $2.8 billion in assets under management.
The transaction, announced last December, boosts Meridian's assets under management to $9.3 billion, a 43% increase, the company said.
