One of Missouri’s oldest and best known stock brokerages has been sold for $6.8-Billion. A.G. Edwards, based in St. Louis, is being sold to Wachovia Corporation.
A.G. Edwards has been in St. Louis for 120 years. Wachovia is the nation’s second-biggest retail brokerage, and part of the nation’s fourth-biggest banking system. The sales agreement requires Wachovia to move its headquarters from Richmond, Virginia, to St. Louis.
Edwards’ CEO Robert Bagby will become the chairman of Wachovia Securities.