Christopher S. Connell

Stradley Ronon represented TradePMR, a custodial and portfolio management platform for Registered Investment Advisors (RIAs), in an approximately $300 million acquisition by Robinhood Markets, Inc., which closed on February 26, 2025. TradePMR has over 25 years in the industry, and the acquisition will accelerate Robinhood’s delivery of investment advisory capabilities to customers by bringing in a scaled RIA custodial platform with approximately 350 firms and more than $40B in assets under administration.

Read more about the acquisition.

Stradley Ronon represented XPYRIA Investment Advisors, a Pittsburgh-based independent investment adviser, in a merger with Cerity Partners, a financial and wealth advisory firm serving high-net-worth individuals and their families and nonprofit organizations and foundations throughout the United States. The transaction will allow the firms to better serve their Pittsburgh-based clients with a full spectrum of wealth management and financial planning services.

Stradley Ronon represented Denver-based Wealth Legacy Institute, a financial planning and investment management firm, in its merger with Cerity Partners, a financial and wealth advisory firm serving high-net-worth individuals and their families and nonprofit organizations and foundations throughout the United States.

Our firm represented Chatham Financial, a global leader in financial risk management advisory and technology, in its acquisition of EA Markets, an independent financial advisory firm focused on the capital markets. The acquisition will reinforce Chatham’s position as a leader in derivatives, further its position in capital markets advisory and expand its capabilities in raising capital for its corporate and financial sponsor clients.

Stradley Ronon represented Lumina Financial Consultants, a financial planning and wealth management services provider specifically focused on women and their families, in a merger with Cerity Partners. The firm will operate under the Cerity Partners name, and the partnership will allow the firm to expand its service offerings in the San Francisco Bay Area and develop a footprint in the Richmond, Virginia, metropolitan market.

Stradley Ronon represented Dotcom Distribution, the premier third-party logistics (3PL) provider and strategic growth partner for eCommerce brands in its acquisition by Ryder System, Inc., a leader in supply chain, dedicated transportation and fleet management solutions. The acquisition allows Ryder to expand its e-fulfillment portfolio with new industry offerings.

Stradley Ronon advised Customers Bancorp, Inc. (Customers) the parent company of Customers Bank, a full-service bank with $19.6 billion in assets, in the closing of its underwritten public offering of $100 million aggregate principal amount of its 2.875% Fixed-to-Floating Rate Senior Notes due 2031. Customers expects to receive net proceeds of $98,650,000 from the offering, after deducting underwriting discounts and commissions and estimated offering expenses. Customers intends to use the net proceeds to fund the redemption of all of its outstanding Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C and Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D. The Company intends to use any remaining proceeds for general corporate purposes, which may include working capital, repaying indebtedness and providing capital to Customers Bank.

Stradley Ronon represented Great Valley Advisor Group (GVA), a technology-driven full-service registered investment adviser, in its acquisition of U.S. Financial Advisors (USFA). USFA is a full-service registered investment adviser that provides comprehensive and customized investment, insurance and wealth management services. The acquisition expands GVA’s presence in Greater Boston, Massachusetts, and will increase its assets under management by over $725 million.

Stradley Ronon served as counsel to Customers Bank, in the sale of its subsidiary BankMobile Technologies Inc., a digital banking platform, and in its agreement to merge BankMobile with special purpose acquisition company Megalith Financial Acquisition Corp. The deal values the combined business at $140 million.

Stradley Ronon Partners Christopher S. Connell and Thomas L. Hanley served as counsel to Malvern-based Meridian Corporation, holding company for Meridian Bank, in the completion of its offering of $40 million in fixed-to-floating rate subordinated notes due 2029 to certain qualified institutional buyers and institutional accredited investors in a private placement transaction.

The capital raised will be used for general corporate purposes, including organic growth and the repayment of a portion of the Bank’s existing indebtedness.

Stradley represented Downingtown-based DNB Financial Corp. (NASDAQ: DNBF), the holding company for community bank DNB First, in its agreement to be acquired by S&T Bancorp, Inc. The $206 million stock transaction will expand S&T’s footprint by gaining a new presence in Chester, Delaware and Philadelphia counties.

Stradley Ronon represented Boenning & Scattergood, who served as the sole placement agent for Orrstown Financial Services’ offering of $32.5 million in aggregate principal amount of fixed-to-floating rate subordinated notes to certain qualified institutional buyers and institutional accredited investors.

Stradley Ronon represented Customers Bancorp Inc. in the sale of BankMobile, its no-fee digital banking unit, to Florida-based Flagship Community Bank for $175 million. Launched in 2015 as a division of Customers, BankMobile provides deposit products to retail customers via smart phone technology. Its revenues are derived primarily from interchange fees paid by merchants when customers use their debit cards. Flagship Community Bank will take over all of BankMobile’s assets and technology, including 1.7 million student checking accounts and around $500 million in deposits. After accounting for all expenses, this transaction is expected to create approximately $100 million of pre-tax gain for Customers. The sale is pending shareholder and regulatory approval and expected to close in the third quarter.

Stradley Ronon’s corporate team assisted a group of former Valley Green Bank executives, led by former CEO Jay Goldstein, in the formation of Spring Garden Lending Group. The company specializes in short-term loans to help acquire, rehabilitate, construct and refinance investment real estate properties in Greater Philadelphia.

Stradley represented DNB Financial Corp. in its agreement to acquire East River Bank, a startup founded in East Falls by third-generation Philadelphia bankers.

The $49 million stock and cash transaction will take Downingtown-based DNB (NASDAQ: DNBF), the parent company to 156-year-old DNB First Bank, outside of the western suburbs for the first time and into the faster-growing confines of Philadelphia.

Stradley Ronon represented Customers Bancorp and Customers Bank in connection with its $42 million agreement to acquire the higher education disbursement business of Higher One Holdings. The disbursement business includes a service that streamlines the financial aid refund-disbursement process for more than 800 college and university campuses.

Stradley’s financial institutions and public company team advised Atlantic Coast Financial Corporation, a Jacksonville, Florida-based holding company for Atlantic Coast Bank, in its $48.3 million underwritten public offering of common stock.

Stradley’s financial institutions and public company team advised Valley Green Bank, a Pennsylvania-chartered commercial bank that had $422 million in assets, $384 million in deposits and $367 million in loans, to Univest Corporation of Pennsylvania, a financial conglomerate with more than $2 billion in assets and $3 billion in assets under management.

Stradley Ronon represented Customers Bancorp (Nasdaq: CUBI), the holding company for Customers Bank, in its $103.5 million underwritten public offering of voting common stock. Customers intends to use the net proceeds from the offering to fund organic growth, and for working capital and other general corporate purposes.