Glaves Securities Corp. and R.D. White & Co. announced yesterday they will merge to create a minority-owned firm specializing in municipal bonds and mortgage-backed securities.

The new firm, to be called R.D. White, Glaves & Co., is expected to be open for business on Jan. 1 and will initially have a staff of 23, including eight institutional sales professionals and seven investment bankers. Capitalization of R.D. White Glaves will be about $500,000 and the firm will have offices in both New York City and Wayne, N.J., said Howard L. Glaves, chairman and chief executive officer of the new firm.

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