Alesco Financial, Cohen Brothers merge to create Cohen & Co.

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Alesco Financial Inc. announced that it completed its merger with Cohen Brothers, LLC.

In February 2009, Alesco announced it would merge with Cohen, a privately held investment firm specializing in credit-related fixed-income investments.

As previously reported, members of Cohen Brothers had the option to exchange each of their membership units for either shares of common stock of Alesco or replacement units of membership interest in Cohen Brothers that may be exchanged into Alesco shares in the future.

According to Alesco, it changed its name to Cohen & Co., Inc., and its shares are expected to begin trading on the NYSE Amex on Thursday under the symbol "COHN."

Alesco said it also completed its 1-for-10 reverse stock split and has approximately 10.3 million shares outstanding.

"We believe combining Alesco's capital structure and its public listing with Cohen Brothers' more diverse revenue sources and operating platform has created a well-capitalized company with increased financial and operational flexibility, an enhanced competitive position, greater opportunities for profitable growth in the future, and a streamlined cost structure," Daniel G. Cohen, chairman, chief executive officer and chief investment officer of the combined company, said in a company news release.

Christopher Ricciardi is president of the combined company and CEO of Cohen & Co. Securities, LLC, the combined company's broker-dealer subsidiary.

Philadelphia-based Alesco is a specialty finance real estate investment trust.

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