Why Shares of Tristate Capital Are Surging Today

Shares of the branchless bank Tristate Capital Holdings (NASDAQ: TSC) had shot up more than 30% as of 11 a.m. EDT Thursday after the company announced it will be acquired by Raymond James Financial (NYSE: RJF).

Raymond James announced it plans to purchase Tristate in a part stock, part cash transaction valued at $1.1 billion. The total consideration for each Tristate shareholder is $31.09. Shares of Tristate closed at $22.75 yesterday, which implies a roughly 37% premium over yesterday's closing price.

"TriState Capital has a terrific, client-centric franchise focused on serving clients with premier private banking, commercial banking and niche investment management products and services," Paul Reilly, chairman and CEO of Raymond James, said in a statement.

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Source Fool.com