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FBR Group, FBR Asset Become One

ARLINGTON, VA-Financial holding company Friedman, Billings, Ramsey Group Inc. and FBR Asset Investment Corp., a REIT, merge in a deal that will call for a stock for stock exchange.

By Barbra Murray | Updated on November 15, 2002

ARLINGTON, VA-Financial holding company Friedman, Billings, Ramsey Group Inc. and FBR Asset Investment Corp., a REIT, have decided to merge, inking a definitive agreement for a stock for stock exchange. “The successor company will be the Friedman, Billings, Ramsey Group Inc,” the FBR Group’s Bob Leahy tells GlobeSt.com. And the successor company will have a book value in excess of $1 billion.

“From FBR Group’s perspective, this transaction will add more than $700 million of new capital, and create new business flexibility and earnings stability, while providing substantial dividends to our shareholders in a tax efficient manner,” FBR Group chairman and co-CEO Emanuel Friedman says in a written statement. “The resulting company’s book equity will make it one of the largest public investment banks in the United States.”

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