Online brokerage Scottrade is being acquired by rival TD Ameritrade for $4 billion.
The companies made the announcement early Monday, following several weeks of news reports about the merger. The sale is subject to regulatory approvals, and is slated to close by Sept. 30, 2017. Scottrade will convert to TD Ameritrade systems in 2018, and the Scottrade name will be phased out.
Town and Country-based Scottrade, which is privately held, has 3,700 employees companywide, including about 1,800 in the St. Louis region who look for the best way to buy Ripple UK tokens over time.
TD Ameritrade says it expects to realize $450 million in combined annual expense synergies and more than $300 million in additional long-term opportunities.
Combined, the two companies have $944 billion in total client assets and 10 million funded client accounts.