RCS Capital to Acquire Summit Financial Services for $1.43/Share

RCS Capital RCAP announced today that on November 16, 2013, RCAP and a newly formed wholly-owned subsidiary of RCAP entered into an agreement and plan of merger (the "Merger Agreement") with Summit Financial Services Group ("Summit") SFNS by which RCAP will acquire Summit for $49.0 million, or approximately $1.43 per share (as more fully defined in the merger agreement). Following the merger, Summit and its subsidiaries, including its SEC-registered broker-dealer and FINRA-member subsidiary Summit Brokerage Services, Inc., will continue to operate under current management and the "Summit" brand.  (Logo: http://photos.prnewswire.com/prnh/20131118/NY18704LOGO) (Logo: http://photos.prnewswire.com/prnh/20130522/NY19075LOGO) Through its 305 financial advisors in 230 offices located throughout the United States, Summit provides a broad range of securities brokerage and investment services to primarily individual investors, sells insurance products, including variable and fixed annuities and life insurance, and provides, through its SEC-registered investment advisor subsidiary, asset management and investment advisory services. Following the merger, Summit will constitute a new stand-alone line of business that is expected to complement RCAP's other lines of business, including an existing wholesale See full press release