ARLINGTON, Va. - Friedman Billings Ramsey & Co. announced that it has opened an office in Cleveland staffed by former KeyCorp employees.

The office has a team of three investment banking professionals led by Charles Crowley who are to offer financial advisory and merger and acquisition services to financial institutions and other middle-market companies in the Midwest, the Arlington investment banking firm said Tuesday.

Mr. Crowley was a managing director at McDonald Investment Inc., the investment arm of the Cleveland-based KeyCorp, where he focused on mergers and acquisitions. Michael C. Voinovich and Jason K. Wolfe are the two other team members.

Meanwhile, on Monday the company completed its acquisition of Money Management Associates, a privately held Bethesda, Md., company that owns Rushmore Trust and Savings, also in Bethesda. Money Management and Rushmore have been combined and renamed FBR National Bank and Trust.

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