Impartial dealer/vendor Infinex Monetary Group has added three financial institution applications from Dealer Supplier Monetary Providers, which was bought to Cambridge late final yr. First Safety Financial institution & Belief in Charles Metropolis, Iowa; Fowler State Financial institution in Fowler, Ind.; and Peoples Financial institution in Rock Valley, Iowa, are becoming a member of Infinex, bringing greater than $200 million in consumer property and 7 advisors.
Cambridge closed the deal to purchase Dealer Supplier Monetary Providers late final yr, and it was transformed into an workplace of supervisory jurisdiction of the dealer/vendor.
Infinex, headquartered in Meriden, Conn., has greater than 650 advisors and is concentrated on the monetary establishment channel, with 220 community-based applications.
“Different dealer/sellers seemed to be extra targeted on their unbiased channel,” stated Dave Jarvill, program supervisor for First Safety Financial institution & Belief.
“A dealer/vendor that understands the distinctive challenges group banks face and that has turn-key options was crucial to us,” stated Mike McAlpine, president of Peoples Financial institution Wealth Administration Group. “Whereas we have been pressured into making a change, we spent plenty of time making certain that the accomplice we finally chosen can be a perfect cultural match for our financial institution and for our program.”