Royal Bank of Canada has bought Washington DC-based Ferris, Baker Watts; the details of the transaction were not disclosed. The acquisition is subject to approval by US and Canadian regulators and by FBW shareholders but is expected to be completed by mid-2008.

FBW, an employee-owned full-service broker-dealer and investment banking firm, has 42 branch offices and 15 capital markets/support services offices in ten states and the District of Columbia with more than 900 employees (330 of whom are financial consultants) and approximately $18.5 billion in assets under administration.

“FBW represents a strong strategic and cultural fit for the US wealth management business of RBC, and will significantly expand our presence in the Eastern, Midwest and Mid-Atlantic regions - all important markets for us,” said John Taft, president and chief executive of RBC Dain Rauscher, the RBC subsidiary into which FBW will ultimately be combined.

In addition to RBC Dain Rauscher, RBC’s US operations include: RBC Centura, a personal and business bank based in Raleigh, NC; RBC Insurance, a national provider of insurance protection and asset accumulation solutions based in Greenville, SC; RBC Capital Markets, the corporate and investment banking arm of RBC; and RBC International Wealth Management with offices in New York, Miami, Houston and San Francisco.