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Performance Trust adding FIG i-bankers from Piper Jaffray

Piper Jaffray Cos. financial services investment bankers Michael Barry and Lorenzo Zefferino are expected to join Performance Trust Capital Partners LLC, according to two investment banking industry sources familiar with the matter.

A media contact for Piper Jaffray did not respond to requests for comment. Barry and Zefferino have advised on a number of depository M&A deals in the Northeast and the mid-Atlantic. When reached for comment, Performance Trust Head of Investment Banking Daryle DiLascia said the Northeast remains a region for potential investment banking expansion for the firm.

The departures of Barry and Zefferino would split up Piper Jaffray's depository i-banking team that covers the Northeast and the mid-Atlantic. Robert Hutchinson, head of financial services investment banking at Piper Jaffray, also worked on a number of depository deals in those regions, and he is expected to join Raymond James Financial Inc. However, the moves are not that surprising because Piper Jaffray's Northeast and mid-Atlantic coverage overlapped with investment bankers from Sandler O'Neill & Partners LP, a company that Piper Jaffray is purchasing.

Going to Performance Trust would mark the third time Barry and Zefferino worked with DiLascia. All three worked at Piper Jaffray, and they first came together in 2013 at Sterne Agee & Leach Inc. DiLascia joined Performance Trust in 2018, with the intention of growing the M&A and capital-raising businesses. Earlier this year, Performance Trust expanded its depository investment banking team with the purchase of Banks Street Partners LLC.

Barry and Zefferino were active with Piper Jaffray. They were part of the financial advisory teams on ConnectOne Bancorp Inc.'s $56.1 million acquisition of Greater Hudson Bank in 2019 and Merchants Bancshares Inc.s $344.7 million sale to Community Bank System Inc. Barry, who was a managing director at Piper Jaffray, also helped advise First Connecticut Bancorp Inc. on its $502.8 million sale to People's United Financial Inc. in 2018.