MINNEAPOLIS, June 25 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray
(Piper Jaffray) today announced the filing of a Form 10 registration statement
with the Securities and Exchange Commission to register shares of Piper
Jaffray Companies, the new holding company for the Piper Jaffray businesses.
Through this filing, the company announced the name for the firm post
spin-off, "Piper Jaffray Companies," which reflects the 108-year old
organization's heritage. The firm expects that shares of Piper Jaffray common
stock will trade on the New York Stock Exchange under the ticker symbol "PJC."
"Today marks an important day for our company, our clients and our
employees. For over 100 years, our employees have used their experience and
financial expertise to provide strategic advisory services to our
institutional clients and tailored investment advice to our individual
clients," said Andrew Duff, chief executive officer at Piper Jaffray. "The
'Piper Jaffray Companies' name reflects our firm's history of dedication to
serving clients based on core values of integrity, trust, partnership and
The firm currently anticipates that it will join the Minnesota Keystone
Program, a voluntary program promoting corporate support for communities. The
firm expects to participate at the five percent giving level.
As previously announced, Andrew Duff, 45, will serve as Chairman and Chief
Executive Officer of the new Piper Jaffray. Executives joining Mr. Duff on
the Management Committee will be:
Name Age Position(s)
Addison L. Piper 56 Vice Chairman of the Board
Pamela L. Clayton 56 Head of Human Resources
James L. Chosy 39 General Counsel
Michael D. Duffy 53 Chief Information Officer
Paul D. Grangaard 45 Head of Private Client Services
Barry J. Nordstrand 41 Head of Fixed Income
Robert W. Peterson 35 Head of Investment Research
Thomas P. Schnettler 46 Head of Equities and Investment
Sandra G. Sponem 45 Chief Financial Officer
Headquartered in Minneapolis, Minnesota, Piper Jaffray is a client-focused
securities firm dedicated to delivering superior financial advice, investment
products and transaction execution within selected sectors of the financial
services marketplace. The company operates through two primary revenue-
generating segments -- Capital Markets and Private Client Services.
Investment Research, an independent group reporting to the CEO, supports
clients of both segments. The firm serves corporations, government and non-
profit entities, and institutional investors on a national basis and serves
the financial advisory needs of private individuals predominantly across the
western half of the United States.
"We believe that by serving a targeted set of clients, we can offer our
clients the advantages of a strategically consistent and focused securities
firm," said Duff.
As announced February 19, 2003, U.S. Bancorp plans to spin off its wholly
owned subsidiary, Piper Jaffray Companies, to U.S. Bancorp shareholders. As a
result, it is expected that U.S. Bancorp shareholders will receive shares of
the new Piper Jaffray Companies in a tax-free stock dividend distribution. It
is anticipated that the transaction will be completed by the end of 2003 and
remains subject to various conditions, approvals and regulatory requirements.
In the spin-off, U.S. Bancorp will distribute all of the shares of Piper
Jaffray Companies that it holds to U.S. Bancorp shareholders. U.S. Bancorp is
expected to continue to hold a subordinated debt interest in a subsidiary of
the new company of approximately $180 million in principal amount. Piper
Jaffray was purchased by U.S. Bancorp in 1998, having operated as a public
company for 29 years, and before that, a private partnership for over 74
years. As of April 30, 2003 the firm had 3,099 employees in 124 offices in 25
states across the country and in London, England.
For more information and to view a copy of the Form 10 registration
document, please go to www.sec.gov and search under company filings.
U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S.
Bancorp (NYSE: USB), is a focused securities firm comprised of two revenue-
generating segments -- Capital Markets and Private Client Services. Clients
of both segments are supported by Investment Research, an independent group
reporting to the CEO. The firm provides a full range of investment products
and services to individuals, institutions and businesses. The firm has over
124 offices in 25 states across the country. U.S. Bancorp offers a
comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp
Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For
more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .
This press release contains forward-looking statements. Statements that
are not historical or current facts, including statements about beliefs and
expectations, are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties relating to the proposed
spin-off of the U.S. Bancorp Piper Jaffray business, including the impact of
the proposed spin-off on U.S. Bancorp's and the new company's results of
operations, the financial accounting consequences of the proposed transaction,
the impact of the spin-off on U.S. Bancorp's stock price and on its and the
new company's relationships with their respective customers and employees, the
tax consequences of the transaction to U.S. Bancorp, the new company and their
respective stockholders and changes in business climate or market conditions
or other factors which could make the proposed spin-off unadvisable. These
forward-looking statements involve other inherent risks and uncertainties, and
other important factors could cause actual results to differ materially from
those anticipated, including those contained in U.S. Bancorp's Form 10-K, in
Piper Jaffray's Form 10 registration statement and both companies' other
reports and filings on file with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made, and each
of U.S. Bancorp and Piper Jaffray Companies undertakes no obligation to update
them in light of new information or future events.
SOURCE U.S. Bancorp Piper Jaffray