Wachovia Corp.'s agreement this week to buy Interstate/Johnson Lane Inc. for $230 million may herald a turnaround in the cost of securities firm acquisitions.

"Though one transaction does not make a trend, I think it's significant that Wachovia did not pay a premium," said Michael Mayo, a bank equity analyst at Credit Suisse First Boston.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.