In Brief: Fed Backs 1st Security Deal for Van Kasper

The Federal Reserve Board on Monday approved the acquisition of Van Kasper & Co. by First Security Corp.

The deal would allow First Security, a Salt Lake City-based bank holding company with $19.4 billion of assets, to expand its securities and other nonbanking product offerings.

San Francisco-based Van Kasper, which has $22.1 million of assets, provides a broad range of securities underwriting, brokerage, investment advisory, and other activities.

First Security would acquire three wholly-owned subsidiaries and 24.5% voting interest in Redwood Securities Group as part of the transaction.

First Security plans to merge the acquired company with its own section 20 securities subsidiary in May, and name the merged entity First Security Van Kasper.

The Fed order said the deal would let First Security better serve its customers.