The parent company of the investment firm Sterne, Agee & Leach Inc. is planning to enter the banking business.
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Sterne, Agee Group Inc. in Birmingham said Monday that it has entered into an agreement to acquire a community bank and that it intends to file an application to become a financial holding company "as soon as possible." The firm did not disclose the name, size or location of the bank it is acquiring, saying only that it is based out of state.
In a statement, Sterne Agee's Chief Executive Officer, Jim Holbrook, said that acquiring a bank is a "key component" of the firm's long-term strategic plan.
"The addition of a bank will greatly expand the products that Sterne Agee can offer its clients," Holbrook said.
