Raymond James snatches community bank $125M program from ICA
Central Valley Community Bank has ditched its third-party broker dealer of 21 years for Raymond James.
The Fresno, California-based community bank had used Investment Centers of America as its broker-dealer since the bank began offering investment services in 1996.
The program today consists of four financial advisors, who collectively manage approximately $125 million in client assets, according to Raymond James. It also employs a program manager and one support specialist.
The bank will look to Raymond James to help it expand its client investment offerings, said Tim Killgoar, head of Raymond James' Financial Institutions Division, citing the firm's capabilities, marketing and technology support.
The bank, which was founded in 1979, operates 24 full-service offices throughout California's San Joaquin Valley and Greater Sacramento region.
"Our team is proud to partner with Raymond James as our two organizations share a like-minded commitment to provide the highest standards of client service and innovative financial solutions for our valued clients," James Ford, the bank's president and CEO, said in a statement.
Central Valley Community Bank is among at least six banks whose investment services programs Raymond James snatched from rivals this year, including Great Western Bank's $750 million program previously with Cetera.