The brokerage arm of CCB Financial Corp., a $7 billion-asset banking company in Durham, N.C., is taking on a new client-a neighboring bank.
Carolina First BancShares, Lincolnton, N.C., agreed July 1 to outsource its brokerage operations.
Stephen Angelis, president of CCB Investor Services, said he is responsible for hiring, managing, and training Carolina First's three brokers.
CCB also manages brokerage operations at two other banks in North Carolina: Triangle Bank, Raleigh, which has six brokers, and Bank of Mecklenburg, Charlotte, which has one.
CCB Investor Services, which has 30 brokers, has used Invest Financial Corp. of Tampa as its broker-dealer since April 1995. The other banks use Invest now as well, Mr. Angelis said.
Carolina First, which had $547 million of assets on March 31, previously used Royal Alliance Associates Inc., New York, as its broker-dealer. Triangle Bank had used Mid-Atlantic Securities, Raleigh, and Bank of Mecklenburg, had used the third-party marketing subsidiary of Legg Mason Inc., Baltimore, Mr. Angelis said.