“We have long respected TD Ameritrade since our early days pioneering the discount brokerage industry, and as a fellow advocate for investors and independent investment advisors,” said Charles Schwab CEO Walt Bettinger in a statement.

“With this transaction, we will capitalize on the unique opportunity to build a firm with the soul of a challenger and the resources of a large financial services institution that will be uniquely positioned to serve the investment, trading and wealth management needs of investors across every phase of their financial journeys.”

Through the acquisition, Schwab will gain about 12 million client accounts, $1.3 trillion in client assets and about $5 billion in annual revenue.

“Partnering with Schwab on this transformative opportunity makes the right strategic and financial sense for TD Ameritrade,” said CFO Steve Boyle in a statement. “Together, we can deliver the ultimate client experience for retail investors and independent registered investment advisors. We can continue to challenge the status quo, pooling our resources and expertise to transform lives—and investing—and deliver sustainable, long-term value to our many stakeholders.”

TD Ameritrade also suspended its CEO search today, naming Boyle as interim president and CEO. Former CEO Tim Hockey announced over the summer that he would step down in February 2020.

Combining the firms should take between 18 and 36 months after the deal is closed, Schwab said in a statement, and the joint headquarters will be located at Schwab’s new campus in Westlake, Texas. Schwab will maintain a strong corporate presence in San Francisco, where the company was founded.