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Raymond James snares $168M bank program from rival

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Sturdy Savings Bank has selected Raymond James as its new third-party broker-dealer after an 11-year relationship with Cetera.

The New Jersey bank currently employs three advisors who collectively manage some $168 million in client assets, according to Raymond James. It has offered investment services for 11 years.
“We believe partnering with Raymond James, which has a recognizable brand and offers comprehensive support, will help us enhance our offerings and take our program to the next level,” said Gerald Reeves, president and CEO of Sturdy Savings Bank.

The decision to move the program was also made easier by the fact that Sturdy and Raymond James share “similar values and client-centric approaches,” Reeves said.

In addition to three advisors, the investment services team includes two client service associates.

Tim Killgoar, the head of Raymond James’ Financial Institutions Division, lauded the team and their commitment to the bank’s clients and community.

“We’re proud to partner with their advisors, and we look forward to supporting Sturdy Financial Services as they continue to grow the program and expand their services,” Killgoar said.

The bank, which was established in 1922 in Stone Harbor, New Jersey, has 14 branches throughout Cape May and Atlantic counties, it said.

Sturdy is the second bank to join Raymond James’ investment services platform this year. In January, Bristol County Savings Bank in Taunton, Massachusetts, selected Raymond James as third-party broker-dealer for its $700 million program.

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