Siebert History - A Remarkable Journey


Muriel Siebert & Co., Inc., has been in business and a member of the New York Stock Exchange since 1967 - longer than any other discount brokerage firm. Muriel Siebert, our Founder, Chairwoman and President, was the first woman to become a member of the Exchange.

On May 1, 1975, the first day that New York Stock Exchange member firms were permitted to negotiate commissions, Siebert became one of the very first to announce that it would become a discount brokerage house.

In 1977, Ms. Siebert placed her firm in a blind trust for five years to accept an appointment as New York State's first woman Superintendent of Banks, with responsibility for the safety and soundness of all banks in New York State. This was the highest position in banking supervision or regulation ever obtained by a woman at the time.

In 1982, when she returned, Ms. Siebert concentrated on growing the business into a unique entity among discount brokerage firms: a retail discount brokerage with an active capital markets division that provides high-quality brokerage services to institutional investors and investment banking services to corporations. In 2004, the firm expanded the scope of its capital markets operations substantially by enhancing its trading and underwriting capabilities through the addition of a new capital markets team. Siebert Capital Markets continues to expand its business annually, and in 2011 acted as co-manager or underwriter in approximately $80 billion of global debt and equity offerings. Backed by the latest information technology and systems, our trading desk and investment bankers offer value-added services to some of the nation's largest investment managers, corporations and public retirement systems. The trading department regularly demonstrates that specialized broker-dealers, regardless of size, can achieve superior results in executing share repurchase programs. Over the years, the close affiliation of the retail business with a capital markets group has given thousands of our independent investors opportunities to purchase new-issue securities.

In 1996, the Siebert Brandford Shank & Co., LLC (SBS) affiliate was established. This company provides municipal underwriting and financial advisory services to state and local governments across the nation for the funding of education, housing, health services, transportation, utilities, capital facilities, redevelopment and general infrastructure projects. SBS has ranked in the top 25 senior managing municipal bond underwriters for the past ten years and is also the nation's number one book-running senior-managing municipal bond underwriter among woman and minority owned firms.1 SBS has offices in Anchorage, Atlanta, Chicago, Dallas, Detroit, Fort Lauderdale, Honolulu, Houston, Los Angeles, Miami, New York, Oakland, San Antonio, San Diego, Seattle, St. Louis and Washington, D.C.

In order to take advantage of opportunities to expand by acquisitions, Siebert completed a reverse-merger with an already existing public company in November 1996 and was renamed Siebert Financial Corp. Siebert is a Nasdaq-traded company under the symbol SIEB.

Muriel Siebert & Co., Inc. has been actively involved in the consolidation in the discount brokerage business in recent years and remains well positioned for new opportunities going forward. In the 80s, Siebert purchased the retail discount brokerage accounts of Bevill Bresler & Schulman, Inc., and Parr Securities Corp. In the 90s, the firm purchased the retail brokerage accounts of William O'Neill & Co., the Los Angeles-based institutional equities and financial data firm, which is also the parent company of Investors Business Daily. In 1999, Siebert continued to expand by merging with Andrew Peck Associates, Inc., a privately-held brokerage firm serving high net worth investors with headquarters in Jersey City, New Jersey. Through its merger with Peck, Siebert established an operations center and offices in Jersey City.
In 2002, the firm purchased certain Florida-based retail accounts of TradeStation Securities and State Discount Brokers, which Siebert now serves through its Boca Raton branch. In 2003, the firm continued its expansion by purchasing the discount brokerage accounts and certain assets of Your Discount Broker, Inc., a Boca Raton-based firm that was one of the few locally-owned discount stock brokerages in South Florida. In 2004, Siebert acquired the retail brokerage accounts of New York City-based Wall Street Discount Corp., a majority of which reside in the New York tri-state area and Florida, two areas where Siebert already has a strong presence.

The company opened its first out-of-state branch in Beverly Hills in 1992 and its second in Boca Raton in 1994. Today, Siebert maintains its headquarters in Manhattan, New York and has local offices in Beverly Hills, CA, Jersey City, NJ, and Boca Raton and West Palm Beach, FL. With our large, well-established retail account base, and 2011 revenues of more than $20 million, Siebert continues to be counted as a force in the discount brokerage industry.



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