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Northeast Times | December 1, 2021

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Charles Schwab Buying TD Ameritrade, Headquarters to be in Westlake

Charles Schwab Buying TD Ameritrade, Headquarters to be in Westlake

Westlake-based Charles Schwab announced Monday they’ll be purchasing TD Ameritrade in an all-stock deal valued at an estimated $26 billion.  Schwab will have 24 million customer accounts with more than $5 trillion in client assets once the deal is complete.

As part of the deal, the headquarters of the combined company will eventually move to Schwab’s new campus in Westlake, but no official timetable on the move has been set. TD Ameritrade just recently built a new 78-acre, $123 million complex across Highway 114 in Southlake. Schwab noted the advantages of the central location of their Westlake campus that will serve as the hub of a network of Schwab branches and operations centers that span the entire U.S.

Schwab is expected to earn more than $3 billion in 2019, while Ameritrade is slated to earn $2 billion by the end of the year.  “We have long respected TD Ameritrade,” said Schwab CEO Walt Bettinger. “With this transaction, we will capitalize on the unique opportunity to build a firm with the soul of a challenger and the resources of a large financial services institution.”

Newly named executive vice president and chief operations officer Joe Martinetto will oversee the integration for Schwab. Ameritrade Chief Financial Officer Stephen Boyle will act as the interim president and CEO while overseeing their 2020 fiscal year plan until the Schwab deal is finished.

Until the transaction is complete, the two firms remain separate entities, and will continue to operate their businesses as usual with no immediate impact for clients of either firm.  Schwab will begin combining the firms while focusing on decisions that will lead to enhancements for clients by identifying the best capabilities from both firms.

“Schwab’s announcement solidifies the notion that Westlake is in fact the financial hub of DFW and perhaps the entire country. We welcome them to our community and hope others look at Westlake as a place to do business in the future.  We are incredibly thankful to be at the center of this seismic marriage between two financial giants”, says Westlake Town Manager Amanda DeGan.

The deal, pending regulatory and shareholder approvals and customary closing conditions, is expected to close in the second half of 2020 and take anywhere from 18-36 months for the firms to be fully integrated.