Scottrade was expected to close its Shiloh location Friday night leaving only one location for its metro-east clientele as the financial entities, TD Ameritrade and Scottrade work toward operating as one.
All Scottrade accounts are being converted to TD Ameritrade accounts.
The Shiloh Scottrade was at 1095 N. Green Mount Rd., Ste. 200. Beginning at 8 a.m. Feb. 26 clients of both Scottrade and TD Ameritrade may visit the Edwardsville Scottrade branch located at 6655 Edwardsville Crossing Drive, Ste. G, for assistance with their brokerage accounts.
"Branch signage will be updated with the TD Ameritrade name," Becky Niiya, TD Ameritrade spokeswoman, said.
Omaha, Neb.-based TD Ameritrade officially acquired Scottrade last fall in a $4 billion dollar deal. The two will begin operating as one broker dealer with a combined service of 11 million client accounts holding $1.1 trillion in assets.
"Starting Monday, Feb. 26, TD Ameritrade will begin operating as one broker dealer offering clients the convenience of one of the largest branch networks of any online brokerage firm. In fact, 87 percent of Scottrade and TD Ameritrade clients will be within 25 miles of a branch," Niiya said.
TD Ameritrade will operate 364 total branches nationally and fully expects these locations to meet the needs of clients, Niiya said.
"For each branch location, we looked at ease of access for clients, real estate expense/lease agreements and other key data points to determine the optimal locations to best serve clients," Niiya said.
The financial holding entity has taken steps to assure Scottrade customer convenience through the transitional period by issuing mailers, online homepage notices and automated phone communications to its clients.
"We're 100 percent focused on a smooth transition, paying special attention to the service all clients receive today, and making plans to enhance it further in the future," Tim Hockey, president and chief executive officer of TD Ameritrade, said in a press release. "That means being clear and transparent, and making sure clients know what to expect."
Scottrade got its start in Scottsdale, Arizona, as Scottsdale Securities by Rodger O. Riney, 72, in 1980. A civil engineering and business administration graduate of University of Missouri, Riney returned to St. Louis, Mo., where he opened his second location the following year. He relocated his headquarters to Town and Country in 1985. Riney paved the way for Internet trading in the 1990s.
By 2000 Riney's company became Scottrade.
"Scottrade is so well known for outstanding client care, a credit to the culture that Rodger Riney and thousands of Scottrade employees have built over the last (38) years. It's on us to continue the tradition. We want their clients to know that talented people are focused on making the transition as seamless as possible. We can't wait to share what we love best about TD Ameritrade so they can continue investing in the things that matter most to them," Hockey said in a press release.
Riney has remained on board in St. Louis in a new role as Hockey's special adviser, along with fellow Scottrade executive Peter deSilva, who now holds the title president of retail distribution for TD Ameritrade.
"Rodger Riney is one of the few people who can say he helped create an industry," Hockey said in a press release.
St. Louis buzz
TD Ameritrade has more than 10,000 full-time employees, Niiya said.
While the number of southern Illinois employees is unavailable currently with the transition in full swing, Niiya said, "later this spring, TD Ameritrade expects to employ between 800 to 1,000 in St. Louis, including a well-represented corporate presence, a sizable technology presence and a new service center."
There's been a buzz about the fate of name of the Scottrade Center in St. Louis, Mo., but the Omaha, Neb.-based firm is not planning to rename the downtown St. Louis arena under the TD Ameritrade brand, Niiya said.
"Regarding the Scottrade Center, the name remains for now, and we are working closely with all parties involved locally to determine how to best move forward. Our commitment to the St. Louis community will not change. We will remain involved and it’s core to our corporate culture," Niiya said.
Clients can receive 24/7 support from licensed associates by calling the Service Center by calling 800.669.3900.
For more information and updates on the transition to TD Ameritrade visit the Transition Hub at welcome.tdameritrade.com.