DES PERES, MO (KTVI) - A major deal to sell Scottrade Financial Services could be announced early Monday morning. Multiple news outlets are reporting that TD Ameritrade and Toronto-Dominion Bank are nearing a $4 billion deal to buy Scottrade.
One of Scottrade's offices is in Des Peres off of Manchester Road.
Under the deal, TD Ameritrade would buy Scottrade's brokerage operations for about $2.7 billion in cash and stocks while Toronto-Dominion Bank would acquire Scottrade`s banking operations for $1.3 billion in cash.
The privately held Scottrade has not talked about its motives for selling nor has the company commented on this potential deal. Scottrade`s Founder and CEO was diagnosed with cancer last year. TD Ameritrade and Toronto-Dominion Bank also declined to comment on the pending buyout.
Scottrade has roughly 500 branches and employs about 3,700 people across the United States. More than 1,800 Scottrade workers are in the St. Louis area.
It`s being reported that because TD Ameritrade and Scottrade have overlapping operations, job cuts at Scottrade are likely. The name Scottrade may disappear as well which would impact the naming rights at the Scottrade Center in downtown St. Louis.
Scottrade bought the naming rights for the 22-year-old venue back in 2006.