In the two-stage deal announced Monday, TD Bank Group will buy Scottrade Bank first from Scottrade Financial Services Inc. for $1.3 billion in cash, and Scottrade Bank will be folded into TD Bank

Then, TD Ameritrade will buy Scottrade Financial Services for $2.7 billion in cash and stock. For TD Ameritrade, the transaction adds significant scale to its retail business, extends its leadership in trading, and more than quadruples the size of its branch network. Combined, TD Ameritrade and Scottrade had $944 billion in total client assets and 600,000 average client trades per day for the year ended Sept. 30, on a pro forma basis.
U.S. discount brokerage TD Ameritrade agrees to buy Scottrade for $2.7 billion.