• October 30, 2020

Schwab Provides Update on Regulatory Actions Related to Its Acquisition of TD Ameritrade - Odessa American: Business

e-Edition Subscribe

Schwab Provides Update on Regulatory Actions Related to Its Acquisition of TD Ameritrade

Print
Font Size:
Default font size
Larger font size

Posted: Wednesday, September 30, 2020 6:30 pm

SAN FRANCISCO--(BUSINESS WIRE)--Sep 30, 2020--

The Charles Schwab Corporation (“Schwab”) today announced that the Board of Governors of the Federal Reserve System (“Federal Reserve”) approved The Toronto-Dominion Bank (“TD Bank”) to acquire a minority, non-controlling interest in Schwab in connection with Schwab’s proposed acquisition of TD Ameritrade.

The approval and related actions from the Federal Reserve follow the June 4, 2020 announcement that the Antitrust Division of the United States Department of Justice closed its investigation of the proposed acquisition as well as approvals from the stockholders of both companies and regulators in international markets where Schwab is active. As all necessary approvals of the proposed acquisition have now been received, Schwab expects to close the transaction on October 6, subject to the customary closing conditions set forth in the merger agreement.

Schwab President and CEO Walt Bettinger said, “We are very pleased with the Federal Reserve’s actions, which allow us to finalize our planned acquisition of TD Ameritrade. We are now focused on taking the last steps needed to close the transaction so that we can begin the important work of becoming one company and realizing the full potential of this combination on behalf of our clients.”

For clients of the two firms, it is business as usual for now. The integration of TD Ameritrade into Schwab is expected to take 18 to 36 months to complete following the close of the transaction. Until then, Schwab and TD Ameritrade will continue to operate as separate broker-dealers, and clients of the two firms can continue to do business with their respective companies as they do today and can expect the same level of great service. More information will be made available to Schwab and TD Ameritrade clients once the transaction closes.

Forward-Looking Statements

This press release contains forward-looking statements relating to Schwab’s acquisition of TD Ameritrade, including the expected closing date, client benefits, and integration. Achievement of these expectations is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations.

Important factors that may cause such differences include, but are not limited to, failure of the parties to satisfy the closing conditions in the merger agreement in a timely manner or at all; litigation challenging the merger; the risk that expected revenue, expense and other synergies from the transaction may not be fully realized or may take longer to realize than expected; the parties are unable to successfully implement their integration strategies; and disruptions to the parties’ businesses as a result of the announcement and pendency of the merger. Other important factors are set forth in Schwab’s and TD Ameritrade’s definitive joint proxy statement/prospectus dated May 4, 2020, as supplemented, and Schwab’s and TD Ameritrade’s most recent reports on Form 10-K and Form 10-Q.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with more than 360 offices and 14.3 million active brokerage accounts, 1.7 million corporate retirement plan participants, 1.5 million banking accounts, and $4.5 trillion in client assets as of August 31, 2020. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sipc.org ), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.schwab.com and https://www.aboutschwab.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200930006014/en/

CONTACT: MEDIA

Mayura Hooper

Charles Schwab

Phone: 415-667-1525

mayura.hooper@schwab.comINVESTORS/ANALYSTS

Richard Fowler

Charles Schwab

Phone: 415-667-1841

richard.fowler@schwab.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: CONSULTING BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: The Charles Schwab Corporation

Copyright Business Wire 2020.

PUB: 09/30/2020 07:30 PM/DISC: 09/30/2020 07:30 PM

http://www.businesswire.com/news/home/20200930006014/en

© 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Odessa, TX

Current Conditions

Sunny
67°
Humidity: 28%
Winds: SSE at 9mph
Feels Like: 67°

Your Extended Forecast

Tomorrow

weather
High 70°/Low 45°
Mix of sun and clouds. Highs in the low 70s and lows in the mid 40s.

saturday

weather
High 79°/Low 46°
Mix of sun and clouds. Highs in the upper 70s and lows in the mid 40s.

sunday

weather
High 66°/Low 37°
More sun than clouds. Highs in the mid 60s and lows in the upper 30s.
Online Features

Pet Central

pets

Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>

Fitness

Fitness

Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>

Crosswords

Crosswords

Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>

Sudoku

Sudoku

Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>




  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7314 to sign up today.