Sandler O'Neill and Partners
|Headquarters||1251 Avenue of the Americas|
|James J. Dunne III, Senior Managing Principal
Jonathan J. Doyle, Senior Managing Principal
Sandler O’Neill + Partners, L.P., is a full-service investment banking firm and broker-dealer specializing in the financial services sector. It is headquartered in New York City, and has offices in Boston, Chicago, San Francisco and Atlanta. The firm also operates a mortgage finance operation and registered investment adviser based in Memphis.
The firm provides investment banking services to financial institutions and their investors. Its services include merger and acquisition advisory, capital markets, fixed income and equity trading and sales, equity research, balance sheet management, mortgage finance, and consulting services. It has retained its private partnership structure and it perennially ranks among the top advisers on bank and thrift mergers as well as in capital raising.
Sandler O’Neill + Partners, L.P. was founded in 1988 by Herman S. Sandler and Thomas F. O'Neill along with four other executives from Wall Street firms, primarily Bear Stearns. The firm was founded with an emphasis on community and mid-size banks in mind; the founders saw that smaller financial institutions were underserved.
Today, the firm ranks among the best performing in the financial services sector, advising on mergers and acquisitions and capital raising. It is one of the last private investment banks on Wall Street, after other firms went public following Goldman Sachs in the early 2000s. In 2010, the firm sold a 40 percent stake in the company to two private equity firms: the Carlyle Group and Kelso & Company. The firm is currently led by James J. Dunne III, who left Bear Stearns in 1988 to help found Sandler.
September 11th Attacks
On September 11, 2001 the firm which was headquartered on the 104th floor of the South Tower of the World Trade Center, lost sixty-six of its one hundred and seventy one employees, forty percent of its overall workforce. One third of the firm’s partners, almost the entire equity desk, the entire syndicate desk, and all the firm’s bond traders died during the attack. Among those lost were Herman S. Sandler, a founder, and Chris Quackenbush, who joined near Sandler’s founding and started the firm’s investment banking practice. Welles Crowther, an equities trader and volunteer fireman, also died, but was able to save at least twelve people beforehand. In addition to personnel, the company lost its entire computer system and nearly all of its records in the destruction.
On the first day the markets reopened, September 17th, CNBC falsely reported that Sandler O'Neill would cease to exist. Two days later, on September 19th, James J. Dunne III, speaking on behalf of the firm, announced Sandler was open for business, having restarted operations as early as September 12th. After the attacks, the firm operated temporarily out of the Solow Building, in space provided by Banc of America.
In order to help victims’ families after the attack, the firm founded the Sandler O’Neill Assistance Foundation. The Foundation provides funding to cover the educational expenses of children of employees who died on September 11th. Sandler also provided immediate aid for the families, such as grief counseling and funeral planning.
- "An Overview". Sandler O'Neill. Retrieved 30 June 2015.
- Vault, Editor. "Sandler O'Neill + Partners L.P.". Vault.com. Retrieved 1 July 2015.
- Staff, Dealbook (4 November 2010). "Sandler O’Neill Sells a Stake to Carlyle and Kelso". The New York Times. Retrieved 1 July 2015.
- Craig, Susanne. "Proudly Private, a Wall Street Brokerage Firm Marches On". The New York Times.
- Hennessey, Kathleen (15 May 2015). "At 9/11 memorial, President Obama praises the day's heroes". The Los Angeles Times. Retrieved 1 July 2015.
- Brooker, Katrina (21 January 2002). "Starting Over When the planes slammed into the World Trade Center". Fortune Magazine. Retrieved 30 June 2015.