TeleBanc and E*trade Merge in $1.8B Deal

Share this article:
Online brokerage E*trade Group Inc., Palo Alto, CA, and TeleBanc Financial Corp., Arlington, VA, this week joined forces in a deal worth $1.8 billion.


The merger will take the form of a stock swap, in which TeleBanc shareholders will receive 2.1 shares of E*trade common stock for each share of TeleBanc's common stock. TeleBanc shareholders will ultimately own 13 percent of E*trade's common stock.


Both companies said the merger is one of the first attempts in the United States to unite banking and brokerage activities in one online proposition. Under one account, customers will be able to complete a range of online financial transactions, including paying bills, trading stocks, and purchasing mutual funds, certificates of deposit and fixed-income securities, they said.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Agency

Publicis Constructs Pan-Agency Marketing Platform With Adobe

Publicis Constructs Pan-Agency Marketing Platform With Adobe

Riding on the Adobe Marketing Cloud, the Always-On Platform aims to unite all Publicis Agencies around delivering cross-channel efficiencies to clients.

Mohegan Sun Bets on an Integrated Customer Experience

Mohegan Sun Bets on an Integrated Customer Experience

Casino and entertainment destination Mohegan Sun went all-in and overhauled its website to improve its guest experience online and on-site. The casino's payoff was big.

Former Lenovo Executive to Head Digital Marketing at Interakt

Former Lenovo Executive to Head Digital Marketing at ...

Elijah Degen brings 15 years of experience to his new role at the digital agency.