Independent broker/dealer Infinex Financial Group has added three bank programs from Broker Dealer Financial Services, which was sold to Cambridge late last year. First Security Bank & Trust in Charles City, Iowa; Fowler State Bank in Fowler, Ind.; and Peoples Bank in Rock Valley, Iowa, are joining Infinex, bringing more than $200 million in client assets and seven advisors.
Cambridge closed the deal to buy Broker Dealer Financial Services late last year, and it was converted into an office of supervisory jurisdiction of the broker/dealer.
Infinex, headquartered in Meriden, Conn., has more than 650 advisors and is focused on the financial institution channel, with 220 community-based programs.
“Other broker/dealers appeared to be more focused on their independent channel,” said Dave Jarvill, program manager for First Security Bank & Trust.
“A broker/dealer that understands the unique challenges community banks face and that has turn-key solutions was very important to us,” said Mike McAlpine, president of Peoples Bank Wealth Management Group. “While we were forced into making a change, we spent a lot of time ensuring that the partner we ultimately selected would be an ideal cultural fit for our bank and for our program.”