Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, June 10, 1995 TAG: 9506120054
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Rumors circulated Friday among area securities dealers that the company intends to close its Roanoke brokerage headquarters.
James C. Bradford Jr., president of the firm that bears his father's name, confirmed Friday his purchase of Ferguson, Andrews' Bristol operations but declined to disclose terms of the deal. It gives the brokerage house its first access to the Bristol market, although it already has branches in other Virginia and Tennessee cities.
Last month, Bradford & Co. entered a preliminary agreement to buy Ferguson, Andrews, which has a third office in Lynchburg. That deal collapsed May 30, when founder J. Gray Ferguson issued a statement saying he was enthusiastic about the future of his business. He said Ferguson, Andrews had the biggest brokerage in Bristol plus large operations in Roanoke and Lynchburg.
Ferguson, who lives near Charlottesville, could not be reached Friday. Also not returning calls seeking information were T. Michael Smith, president, and Forrest Miles, manager of the Roanoke office.
The assistant manager of the Lynchburg office said he could not confirm or deny a report that the Lynchburg office has been sold to a Richmond brokerage house.
But the Bristol sale is "a done deal. ... We did make a deal for that," Bradford said. His company has offices in Lynchburg and Roanoke that would have consolidated with the Ferguson, Andrews branches had the May sale gone through.
Bradford said there would be no changes in personnel in Bristol. "We're happy about them coming with us," he said. He said he was not a party to the negotiations for the purchase of the Bristol office and did not know the amount paid.
"This whole thing has been very unusual, as you can imagine," Bradford said.
Ferguson, Andrews also was involved in a merger agreement earlier this year with Anderson & Strudwick of Richmond, but that deal fell through in March.
A Roanoke broker, who requested anonymity, said the Ferguson, Andrews office in Roanoke has assets, or brokerage accounts, totaling about $100 million, or $9.1 million for each of the 11 brokers working there. He said the industry average is $30 million per broker.
by CNB