PARKER/HUNTER TO MERGE WITH JANNEY MONTGOMERY SCOTT LLC

Parker/Hunter Incorporated (“Parker/Hunter”), the largest employee-owned investment firm in Pennsylvania, and Philadelphia-based Janney Montgomery Scott LLC (“Janney”), one of the country’s largest regional firms, announced today that they have executed an agreement whereby Janney will acquire Parker/Hunter.  Upon closing, which is subject to shareholder and regulatory approvals, Parker/Hunter will operate as a wholly-owned subsidiary of Janney until the operations of the two firms are merged later in the year.

Robert W. Kampmeinert, Chairman, President & CEO of Parker/Hunter stated, “We at Parker/Hunter are excited about uniting with Janney.  We share the same values, vision and core strengths that support our mutual goals of serving our clients and fostering the growth of our employees.  Janney’s significant resources, identical values, and “client-first” operating philosophy, will support the continued success of all, especially our clients.  We expect the transition to be seamless”.

“We enthusiastically welcome the professionals from Parker/Hunter into the Janney family, knowing that the combined resources and dedication of both organizations will serve clients with ever increasing value”, said James W. Wolitarsky, Janney Chairman, President & CEO.  He added, “Janney and Parker/Hunter share the same values, vision and long histories dating back to 1832 and 1902, respectively.  Both firms focus on client relationships as fundamental in all they do, offering professional advice, guidance and service to individual investors, corporations, institutions and municipal governments based upon their needs and goals.”

The combination of Parker/Hunter’s 21 offices, 130 financial consultants and 45,000 clients in Pennsylvania, Ohio and West Virginia with Janney’s significant presence in the Middle Atlantic states, 900 financial consultants, 80 offices stretching from Massachusetts to Florida and national client base of 325,000, will result in one of the largest and strongest regional investment firms in the country. 

Parker/Hunter will continue to operate under its own identity through its financial consultants and staff located in its 21 offices.  In addition to having the extensive investment and support services of Janney available immediately to Parker/Hunter and its clients, Parker/Hunter professionals will continue in their respective roles and offices. 

In particular, Parker/Hunter Asset Management and the Public Finance Group will remain headquartered in Pittsburgh and will take full responsibility for the combined firms’ proprietary asset management and public finance businesses following the merger.  In addition, Parker/Hunter’s Research analysts and its Retirement Planning/Estate Planning expertise will remain in Pittsburgh and its Municipal Notes operation in Philadelphia.  Janney’s private client office in Pittsburgh will be merged into Parker/Hunter’s office in the U.S. Steel Tower and Ray DiGaetano, Senior Vice President of Parker/Hunter, will become Regional Manager for Janney with continued responsibility for all of the Parker/Hunter offices, including Pittsburgh.

Robert W. Kampmeinert will join Janney’s Board of Managers and will continue as Chairman and President of Parker/Hunter until it is merged with Janney later this year.  After the merger, he will become Chairman of the Board of Janney with responsibility for the combined firms’ asset management, public finance, investment banking, municipal notes and venture capital activities.

Houlihan Lokey Howard & Zukin served as the exclusive financial consultant and structured and negotiated the transaction on behalf of Parker/Hunter.

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About Parker/Hunter

Parker/Hunter, based in Pittsburgh, is the largest independently-owned full service investment and investment banking firm headquartered in Pennsylvania with 21 offices throughout Pennsylvania, Ohio and West Virginia.  Parker/Hunter traces its roots to 1902 and  is involved in all aspects of the investment business including financial and estate planning, portfolio management, investment advisory, equity research, and investment banking.  Investments include equity and fixed income securities, mutual funds, insurance and annuities.   Parker/Hunter is a member of the New York Stock Exchange, the National Association of Securities Dealers, and the Securities Investor Protection Corporation.

About Janney Montgomery Scott
Janney Montgomery Scott LLC is a major regional full-service securities broker/dealer headquartered in Philadelphia, serving a national client base through more than 900 financial consultants located in 80 branch offices along the United States East Coast. Janney traces its roots to 1832 and holds the second oldest seat on the New York Stock Exchange. The company enjoys a strong capital base of over $300 million and continues to successfully execute growth plans for its Private Client and Institutional activities. Janney is a subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, with assets of more than $13 billion.