Stifel Financial Corp. (CF) and Keefe, Bruyette & Woods announced the completion of their previously announced merger Friday.

The combined company will provide sales and trading, research in financial services and investment banking. KBW’s Keefe, Bruyette & Woods broker-dealer subsidiary will remain independent of Stifel.

"The financial services sector is one of the significant pillars of the economy, which we believe is poised to benefit from improving fundamentals. Our merger with KBW builds on Stifel’s existing financial services business by combining KBW’s leading financial institutions specialist sales force, extensive research coverage and top ranking investment banking capabilities," said Ronald Kruszewski, chairman, president and CEO, of Stifel.

He added, "Our goal is to leverage KBW’s extensive client relationships across our Institutional and Global Wealth Management platforms." 

Each share of KBW stock will be converted into a combination of cash consideration of $8 and stock consideration based on an exchange ratio of 0.2143 shares of Stifel common stock, the release noted.

"We are excited to now be part of the Stifel family," said Chief Executive Officer Thomas Michaud of KBW. "This is a dynamic time in the financial services industry and we believe that together, we can better provide clients with all the tools necessary to be successful in the current marketplace."