Raymond James Financial Services Inc. has announced the start-up of brokerage programs for five bank partners.
The banks are: NewBridge in Greensboro, N.C.; Farmers National in Danville, Ky.; American State in Lubbock, Tex.; FNB Financial Corp. in Three Rivers, Mich.; and Bank and Trust Co. in Del Rio, Tex.
The banks will be served by Raymond James' financial institutions division, which was created in 1987 to provide banks and credit unions with brokerage services as an alternative to traditional third-party investment providers and platform programs.
The division supplies full-service securities brokerage services to financial institutions seeking to compete with the national securities firms. In addition to an array of investment products and services, the division offers investment banking, research, self-clearing capabilities, and wealth management services.
It has investment services relationships with more than 200 financial institutions in 42 states, with total assets of more than $21 billion in 238,000 client accounts.
Raymond James is a national investment firm based in St. Petersburg, Fla., that provides financial services to individuals, corporations, and municipalities through more than 3,200 financial advisers in 2,000 offices.
It has $216 billion of client assets, including $36.8 billion under the company's asset management subsidiaries.
