Raymond James snatches 2 bank programs from Invest
Athens Federal Community Bank and Androscoggin Bank have selected Raymond James as their new third-party broker dealer.
Both Athens Federal, which operates in eastern Tennessee, and Androscoggin, which operates in Maine, are looking to expand their wealth management programs, Raymond James said in an announcement on Wednesday.
Athens Federal's 26-year-old investment services program has two advisers who jointly manage $141 million in client assets. One of the advisers also serves as the program manager.
Androscoggin's eight-year-old program, in contrast, employs two advisers and a program manager who collectively manage $60 million in client assets.
Both previously used Invest Financial and Pershing for the third-party brokerage services they required.
Athens Federal COO and CFO Mike Hutsell cited Raymond James' service, technology and planning tools as the key factors in choosing the new firm.
"We are excited about our partnership with Raymond James and the continued growth we anticipate as a result of it," Hutsell said.
Androscoggin Bank listed Raymond James' "technology, world-class research, breadth of products and services, and service-first culture" as the "driving forces behind their decision."
The wins follow the addition of two other investment programs to Raymond James' platform earlier this year. In April, Raymond James snagged the $600 million program of Houston-based Prosperity Bank from Cetera. And last month, it won over First Hawaiian Bank's program from BancWest Investment Services.
"We're pleased that both Athens Federal Community Bank and Androscoggin Bank discovered how beneficial Raymond James' depth of resources and support can be as they grow their programs and expand their client bases," Tim Killgoar, head of Raymond James' Financial Institutions Division, said in a statement.