Attached files
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8-K - FORM 8-K - STIFEL FINANCIAL CORP | formv8vk.htm |
Exhibit 5.1
Board of Directors
Stifel Financial Corp.
501 N. Broadway
St. Louis, MO 63102
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Re:
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Stifel Financial Corp.
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We refer to the Registration Statement on Form S-3 filed with the U.S. Securities and Exchange Commission (the “Commission”) (No. 333-158301) (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Act”), by Stifel Financial Corp., Inc., a Delaware corporation (the “Company”). We also refer to our opinion dated March 30, 2009, which was included as Exhibit 5.1 to the Registration Statement, and the prospectus supplement to the Registration Statement filed with the Commission on October 3, 2011 (the “Prospectus Supplement”). The Prospectus Supplement relates to the sale by the selling stockholder named therein of 225,023 shares issued by the Company to the selling stockholder as initial share consideration (the “Initial Shares”) in connection with the Company’s acquisition of Stone & Youngberg LLC, as well as up to 274,977 additional shares which may be issued by the Company as additional contingent “earn-out” consideration in connection with that transaction (the “Earn-out Shares,” and together with the Initial Shares, the “Shares”).
(1)
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the Restated Certificate of Incorporation of the Company, as amended (the “Certificate of Incorporation”);
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(2)
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the Amended and Restated Bylaws of the Company (the “Bylaws”);
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(3)
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the Membership Interest Purchase Agreement, dated July 25, 2011, between the Company, and Stone & Youngberg Holdings LLC (as amended, the “Purchase Agreement”); and
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(4)
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the Registration Statement.
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Based upon the foregoing and in reliance thereon, and subject to the assumptions, comments, qualifications, limitations and exceptions set forth herein, we are of the opinion that the Shares have been duly authorized by all necessary corporate action of the Company and that (i) the Initial Shares have been validly issued, fully paid and nonassessable and (ii) that the Earn-out Shares, when issued and delivered by the Company and paid for pursuant to the Purchase Agreement, will be validly issued, fully paid and nonassessable.