George Mason Bank of Fairfax, Va., is offering a full range of discount brokerage, full-service brokerage, and investment counseling services through a partnership with Charlotte, N.C.-based securities dealer Uvest Investment Services.
"By teaming with Uvest we can provide whatever level of investment support our customers require, and we can provide it immediately," said Bernard H. Clineburg, president and chief executive officer of George Mason.
In addition to brokerage services, George Mason Bank Investment Services will offer access to financial planning; professional money management; retirement programs; annuities; corporate, government, and municipal bonds; and other investment services.
All the services are being provided by Uvest, and all are new to the bank.
One investment representative will meet with customers at several bank branches, and George Mason plans to add locations and investment representatives as the client base grows.
The rep is licensed and supervised by Uvest but is co-employed by the bank. Representatives from the bank and from Uvest declined to say who signs the paychecks.
George Mason Bankshares is a bank holding company that operates 22 banking offices throughout northern Virginia, the District of Columbia, and Montgomery County in Maryland, as well as six mortgage lending offices in northern Virginia, Montgomery County, and West Virginia. The bank has $884.7 million of assets.
Uvest does niche marketing for more than 80 community banks, most of them on the East Coast. The banks have deposits of $40 million to $10 billion, said Mark Vaughan, Uvest senior vice president of sales and marketing.