As news of Charles Schwab’s expansion of its Westlake campus was announced previously, the latest development is their massive acquisition of TD Ameritrade. Once the $26 billion deal closes, Schwab will be relocating its headquarters from San Francisco to Westlake. 

The company stated, “Both companies have a sizable presence in the Dallas-Fort Worth area,” the release said. “This will allow the combined firm to take advantage of the central location of the new Schwab campus to serve as the hub of a network of Schwab branches and operations centers that span the entire U.S. and beyond. Any additional real estate decisions will be made over time as part of the integration process.”

It’s estimated that it will take 18-36 months to combine the two companies after the deal closes, according to the statement.

“Schwab was founded in San Francisco and has maintained a longstanding commitment to the Bay Area, which will continue,” the statement said. “A small percentage of roles may move from San Francisco to Westlake over time, either through relocation or attrition.”

Creating a Financial Hub

This move will make Schwab the third Fortune 500 company to move its headquarters from San Francisco to North Texas in recent years. Joining the ranks of pharmaceutical distribution giant McKesson and convenience store supplier Core-Mark. Both announced moves in 2018. Over the past decade, the relocation of California companies to Texas has been a regular occurrence.

Westlake Deputy Town Manager Noah Simon said Schwab’s announcement “solidifies to folks that Westlake is sort of the financial hub of the Metroplex and, really, of the country. And we welcome them to our community and hope others look at Westlake as a place to do business in the future.”

In addition to the three state incentives already won for its recent Texas expansions, Schwab will receive a $6 million grant if it meets investment and job creation targets at the Westlake campus, according to state records.