Sandler O'Neill + Partners, L.P., (Sandler O'Neill) was a full-service

investment banking Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...

firm and broker-dealer specializing in the financial services sector. It was headquartered in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

, and had offices in

Boston Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

San Francisco San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...

and

Atlanta Atlanta ( ) is the List of capitals in the United States, capital and List of municipalities in Georgia (U.S. state), most populous city in the U.S. state of Georgia (U.S. state), Georgia. It is the county seat, seat of Fulton County, Georg ...

. The firm also operated a mortgage finance company and registered

investment adviser A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory ...

based in

Memphis Memphis most commonly refers to: * Memphis, Egypt, a former capital of ancient Egypt * Memphis, Tennessee, a major American city Memphis may also refer to: Places United States * Memphis, Alabama * Memphis, Florida * Memphis, Indiana * Mem ...

Overview

Sandler O'Neill provided investment banking services to financial institutions and their investors. Its services include merger and acquisition advisory, capital markets, fixed income sales and trading, and equity sales and trading, equity research, balance sheet management, mortgage finance, and consulting services. The firm publishes research on about 300 financial institutions across the United States. Despite shifts in the way similar Wall Street firms are run, Sandler O'Neill retained its private partnership structure, and was the largest private investment bank dedicated to the financial sector. It ranked among the top advisers on bank and thrift mergers as well as in capital raising. In 2019, the company was acquired by

Piper Jaffray Piper Sandler Companies is an American multinational investment bank and financial services company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management, ...

and renamed Piper Sandler Companies. The combined company is headquartered in

Minneapolis Minneapolis is a city in Hennepin County, Minnesota, United States, and its county seat. With a population of 429,954 as of the 2020 United States census, 2020 census, it is the state's List of cities in Minnesota, most populous city. Locat ...

History

Sandler O'Neill + Partners, L.P. was founded in 1988 by Herman S. Sandler, Thomas O’Neill and four other executives from the firm

Bear Stearns The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chas ...

. Though today it serves companies of all sizes, the firm was founded with an emphasis on community and mid-size banks, as its founders saw that smaller financial institutions were underserved by the existing advisement system. Six months after the foundation of the firm, Christopher Quackenbush left Merrill Lynch to build Sandler's investment banking group. Two years after Sandler's establishment it formed Sandler O'Neill Mortgage Finance, an affiliate of Sandler O'Neill + Partners. The affiliate is currently headquartered in Memphis but maintains an office in New York City separate from the firm's headquarters. In 1993, the company moved to Two World Trade Center (South Tower) from Two Wall Street. The same year, Sandler O'Neill opened an equity sales and trading division. The following year, the firm began publishing equity research, focusing on community banks and other financial institutions. Sandler O'Neill had four satellite offices in addition to its main office in New York City. The first was opened in Boston in 1998. Offices in Atlanta and San Francisco were opened in 2003. A final satellite office was opened in 2004 in Chicago. The firm ranked among the best performing investment banking firms, advising financial firms on strategic and financial initiatives, including mergers and acquisitions and capital raising. It is one of the last privately held investment banks on Wall Street, after other firms went public, including

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

in the early 2000s. In 2010, the firm sold a substantial minority to two private equity firms: the

Carlyle Group The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management. Carlyle specializes in ...

and

Kelso & Company Kelso & Company is an American private equity firm focusing on leveraged buyouts, recapitalizations and growth capital transactions. Kelso invests in a variety of sectors, including communication, manufacturing and restaurants. Kelso is based i ...

. The firm was led by James J. Dunne III, who left Bear Stearns in 1988 to help found Sandler, and Jonathan Doyle, who joined the firm in 1990. Both served as senior managing principals of the firm. Sandler O'Neill celebrated its 25th anniversary in 2013. In 2019, the company was acquired by Piper Jaffray, forming Piper Sandler Companies.

September 11 attacks

September 11, 2001 The September 11 attacks, also known as 9/11, were four coordinated Islamist terrorist suicide attacks by al-Qaeda against the United States in 2001. Nineteen terrorists hijacked four commercial airliners, crashing the first two into ...

, the firm, which was headquartered on the 104th floor of the South Tower of the

World Trade Center World Trade Centers are the hundreds of sites recognized by the World Trade Centers Association. World Trade Center may also refer to: Buildings * World Trade Center (1973–2001), a building complex that was destroyed during the September 11 at ...

, lost 68 of its 171 employees, 40 percent of its overall workforce. One third of the firm's partners, almost the entire equity desk, the entire syndicate desk, and all of the firm's bond traders died during the attack. Among those lost were Herman Sandler and Christopher Quackenbush, two of the three senior executives who managed the firm.

Welles Crowther Welles Remy Crowther (May 17, 1977 – September 11, 2001) was an American equities trader and volunteer firefighter known for saving as many as 18 lives during the September 11 attacks in New York City, during which he lost his own life. Ea ...

, an equities trader for the firm now known as "The Man in the Red Bandana," also died during the attack. In addition to personnel, the company lost its entire computer system and nearly all of its records in the destruction. On September 19, three days after the U.S. financial markets reopened, Dunne said on CNBC that Sandler O'Neill was open for business, having restarted operations as early as September 12. After the attacks, the firm operated temporarily out of the

Solow Building The Solow Building, also known as 9 West 57th Street, is a skyscraper in the Midtown Manhattan neighborhood of New York City. Completed in 1974 and designed by Gordon Bunshaft of Skidmore, Owings & Merrill, it is west of Fifth Avenue between 57t ...

, in space provided by

Bank of America The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...

. In early 2002, Sandler O'Neill moved from the Solow Building to

919 Third Avenue 919 Third Avenue is an office building in at the intersection of Third Avenue and East 55th Street in Midtown Manhattan, New York City, U.S. Built in 1971, the building is tall with 47 floors, and is tied with four other buildings, 750 7th ...

. The firm remained in that building until another move in 2012.

References

External links

SNL Profile
{{Investment banks Former investment banks of the United States American companies established in 1988 Financial services companies established in 1988 Banks established in 1988 Banks disestablished in 2020 2020 mergers and acquisitions Financial services companies based in New York City 1988 establishments in New York City The Carlyle Group companies

Overview

History

September 11 attacks

See also

References

External links