Reich & Tang Deposit Solutions, a liquidity services firm, and Total Bank Solutions, a financial technology firm, have combined firms. Following the closing of the deal, private equity firm Estancia Capital Partners will hold a majority interest in the combined firm.
The deal will provide banks, credit unions, wealth managers, and trust institutions with a selection of products and services to meet unique funding and lending needs. The total combined assets under management between the two firms is over $220 billion with over 120 professionals providing services to the firm’s customers.
“Joined with R&T, we will have a greater opportunity to create value by expanding the products and services we will be able to offer banks and wealth managers,” explained Eric Pierce, chairman of TBS. “TBS’ technology investments in our Securities Based Lending and Deposit Management systems, when combined with the flexibility and depth of R&T’s Demand Deposit Marketplace® program and reciprocal bank network will enable us to better serve and deepen relationships with our clients, while continuing to provide the best possible client experience and access to our collective industry expertise and thought leadership.”
Seward & Kissel LLP served as legal advisors to R&T and Estancia. For TBS, Piper Sandler served as exclusive financial advisor and Debevoise & Plimpton was legal counsel.