Banks and credit unions that TPMs snagged

Published
  • September 12 2016, 3:00pm EDT
While the number has been static, the financial institutions themselves have not. They move.
So far this year, at least eight banks and credit unions switched their investment services programs to new third-party broker dealers, based on announcements from TPM firms. One enlisted the services of a TPM for the first time to launch its program. All nine institutions are listed here.

Banks and credit unions that TPMs snagged

The number of banks and credit unions associated with TPMs has been flat for the past three years, hovering in the neighborhood of 2,830, according to data from Kehrer Bielan Research and Consulting.

While the number has been static, the financial institutions themselves have not. They move.

So far this year, at least 11 banks and credit unions switched their investment services programs to new third-party broker dealers, based on announcements from TPM firms. One enlisted the services of a TPM for the first time to launch its program. All 12 institutions are listed here.

MARION COUNTY BANK

TPM selected: Raymond James
Previous provider: IBA Securities
No. of advisers: 3
AUM: $150 million
Headquarters: Pella, Iowa

Marion County Bank switches to new broker-dealer

Marion County Bank has moved its investment and wealth management program to Raymond James after a 20-year run with another broker-dealer, Raymond James announced on Monday.

Marion's investment division employs three advisors who collectively manage approximately $150 million in client assets, according to Raymond James. It also employs two sales assistants…

See full story: Marion County Bank switches to new broker-dealer

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PEOPLES SECURITY BANK & TRUST

TPM selected: LPL Financial
Previous providers: Commonwealth Financial Network, Infinex Investments
No. of advisers: 5
AUM: $750 million
Headquarters: Scranton, Pa.

Peoples Security Bank & Trust taps LPL as broker-dealer
Peoples Security Bank & Trust has enlisted LPL Financial as its new third-party broker-dealer.

The Scranton, Pa.-based bank will look to LPL to help grow its wealth management business and streamline its operations by consolidating its investment services onto a single broker-dealer platform, LPL said in an announcement on Wednesday….

See full story: Peoples Security Bank & Trust Taps LPL as Broker-Dealer

UTILITIES EMPLOYEES CREDIT UNION

TPM selected: Cetera Financial Group
Previous provider: SWBC Investment Services
No. of advisers: 2
AUM: $20 million
Headquarters: Wyomissing, Pa.

Utilities Employees CU taps cetera as broker-dealer
Utilities Employees Credit Union has dumped its broker-dealer of almost four years for Cetera Financial Group.

The virtual credit union, which has only one branch to support members across the U.S., was attracted to Cetera's "rep on demand" and other virtual advising services, according to Cetera's announcement on Thursday….

See full story: Utilities Employees CU Taps Cetera as Broker-Dealer-

GREENFIELD COOPERATIVE BANK

TPM selected: Raymond James
Previous provider: MML Investor Services
No. of advisers: 2
AUM: $100 million
Headquarters: Greenfield, Mass.


Greenfield Cooperative Bank Taps New Broker-Dealer
Greenfield Cooperative Bank has ditched its long-time broker-dealer for Raymond James.

The Greenfield, Mass.-based community bank will be looking to Raymond James to help it grow its investment services program, which currently has nearly $100 million in assets under management, according to Raymond James…

See full story: Greenfield Cooperative Bank Taps New Broker-Dealer

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STCU

TPM selected: CUSO Financial Services
Previous provider: AIG/VALIC
No. of advisers: 4
AUM: $9 million
Headquarters: Spokane, Wash.

STCU switches to new broker-dealer
STCU, one of the largest credit unions in the Northwest, has abandoned its long-time third-party broker-dealer for CUSO Financial Services.

The Spokane, Wash.-based institution will look to CUSO to rebuild its investment program and integrate it into the credit union’s core offerings and services, CUSO announced on Thursday…

See full story: STCU Switches to New Broker-Dealer

COLUMBIA CREDIT UNION

TPM selected: CUSO Financial Services
Previous provider: Cetera Advisor Networks
No. of advisers: 4
AUM: $170 million
Headquarters: Vancouver, Wash.

Columbia Credit Union selects new broker-dealer
Columbia Credit Union has abandoned its broker-dealer for CUSO Financial Services.

The large Northwest Pacific credit union selected CUSO from among 10 service providers for its technology capabilities and experience in helping credit unions grow their investment programs, CUSO said in an announcement last week….

See full story: Columbia Credit Union Selects New Broker-Dealer

UNIVERSITY CREDIT UNION

TPM selected: CUSO Financial Services
Previous provider: N/A, new program
No. of advisers: 1
AUM: N/A
Headquarters: Los Angeles, Calif.

University Credit Union launches investment services program, picks CUSO as BD
University Credit Union has selected CUSO Financial Services as the third-party broker dealer for its new investment services program.

The large Los Angeles credit union launched the program mid-April with one adviser and a program manager and is looking to add more advisers soon, according to CUSO….

See full story: University Credit Union launches investment services program, picks CUSO as BD

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PIEDMONT ADVANTAGE CREDIT UNION

TPM selected: CUSO Financial Services
Previous provider: CUNA Brokerage Services
No. of advisers: 1
AUM: $13.8 million
Headquarters: Winston-Salem, N.C.

Piedmont Advantage Credit Union names new broker-dealer

Piedmont Advantage Credit Union is abandoning its third-party broker-dealer for CUSO Financial Services.

The North Carolina credit union was impressed with CUSO's remote delivery technologies as well as its focus on compliance and reputation in the industry, CUSO said…

See full story: Piedmont Advantage Credit Union names new broker-dealer

FIRST FINANCIAL BANK

TPM selected: Raymond James
Previous provider: Cetera Investment Services
No. of advisers: 7
AUM: $406 million
Headquarters: San Angelo, Texas

First Financial moves investment program to Raymond James
First Financial Bank is ditching its longtime third-party broker-dealer for Raymond James.

The bank's investment services program employs seven advisers who collectively manage roughly $406 million in client assets, according to Raymond James. It also employs seven assistant…

See full story: First Financial moves investment program to Raymond James

SENECA SAVINGS

TPM selected: Cetera
Previous provider: Leigh Baldwin & Co.
No. of advisers: 2
AUM: $70 million
Headquarters: Baldwinsville, N.Y.

Seneca Savings selects Cetera as third-party B-D
Seneca Savings has tapped Cetera to be its third-party broker dealer.
The upstate New York community bank is looking to the firm to help it expand its investment offerings and wealth management services, Cetera said in an announcement on Thursday.

See full story: Seneca Savings selects Cetera as third-party B-D

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TPM selected: Raymond James
Previous provider: Essex Securities
No. of advisers: 4
AUM: $350 million
Headquarters: Oak Ridge, N.J.

Lakeland Bank switches to new broker-dealer

Lakeland Bank has abandoned its long-time third-party broker-dealer for Raymond James.

The New Jersey-based bank was looking for expanded opportunities to grow its investment services program after a 14-year relationship with Essex Securities, which was acquired by Infinex Financial Group earlier this year.

See full story: Lakeland Bank switches to new broker-dealer

STURGIS BANK & TRUST

TPM selected: Raymond James
Previous provider: LPL Financial
No. of advisers: 3
AUM: $300 million
Headquarters: Sturgis, Mich.

Sturgis Bank takes investment program to Raymond James
Raymond James pulled Sturgis Bank & Trust Company’s investment program away from rival LPL Financial, according to the company. The bank’s investment program, Oakleaf Financial Services, consists of advisers Chad Keim, Vince Little and Brian Oswald. They manage more than $300 million in client assets.

See full story: Sturgis Bank takes investment program to Raymond James