Schwab gave no timeframe on the transition to Westlake, a suburb of Dallas-Fort Worth, Texas. The region is considered one of the fastest-growing financial hubs in the country at the moment. The merger is expected to be completed in 2H20 and could take 12 to 36 months to integrate both firms completely. 

Schwab's new Dallas-Fort Worth campus will cost around $100 million, covers 70 acres with 500,000 square feet of office space.

Schwab chairman and founder Charles Schwab noted that one of the drivers in the move out of California was the high cost of doing business in the state, "...the costs of doing business here are so much higher than some other place."

Schwab expects the merger could produce 20% savings, or about $2 billion. 

"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," Schwab President Walt Bettinger said in a statement.