Raymond James completes $1.1B deal for Pittsburgh financial services firm

St. Petersburg-based Raymond James Financial Inc. (NYSE: RJF) has completed its acquisition of TriState Capital Holdings Inc. (NASDAQ: TSC), a Pittsburgh-based financial services firm that boasts more than $12 billion in assets, for $1.1 billion in cash and stock.

As a result of the acquisition, each share of TriState Capital common stock was converted into the right to receive $6 in cash and 0.25 shares of Raymond James common stock, which represents per-share consideration of $30.62 based on the closing price of Raymond James common stock May 31. Shares of TriState Capital ceased trading after the closing of the NASDAQ stock market on May 31.