CHICAGO, May 15 /PRNewswire/ -- EVEREN Capital Corporation (NYSE: EVR)
Today announced that it has combined the operations of its EVEREN Securities,
Inc. and Principal Financial Securities, Inc. subsidiaries. The two
previously separate broker-dealers now operate approximately 170 branch
offices nationwide under the EVEREN Securities name.
The operations conversion is the latest step in EVEREN Capital's
acquisition of Principal Financial, which was completed on Jan. 9, 1998. The
transaction, originally announced on Dec. 15, 1997, is expected to be
break-even or modestly accretive in 1998 and accretive to earnings per share
in 1999.
EVEREN ranks among the 10 largest national full-service brokerage firms in
the U.S. and serves individual, corporate, municipal and institutional clients
through a network of approximately 1,700 investment consultants. The newly
expanded EVEREN Securities held $59.4 billion of client assets in more than
600,000 active accounts as of March 31, 1998.
In capital markets, the combined firm operates fully integrated corporate
finance and equity research functions focused on select industries. These
include: real estate, energy, consumer/retail, financial services, health
care, industrial/capital goods, technology and telecommunications. Other
investment banking activities include fixed income capital markets,
institutional sales and trading.
EVEREN Capital Corporation is one of the largest majority employee-owned
companies in the U.S. The company is dedicated to expanding its retail
franchise while increasing the proportion of revenues contributed by its
capital markets and asset management businesses. For more information, visit
the company's Web site at http://www.everensec.com.
SOURCE EVEREN Capital Corporation
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Related links:
http://www.everensec.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 121760
CONTACT:
Edgar P. McDougal, 312-574-5791, or Caron
Schreiber, 312-574-5724, both of EVEREN Capital
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