PrimeVest Signs Capitol Bancorp Limited
PrimeVest to serve as broker-dealer and provide investment and insurance services to its 44 banks
PRNewswire
ST. CLOUD, Minn.
Jul 27, 2006
PrimeVest Financial Services, one of the United States' largest broker-dealers exclusively serving financial institutions, announced today an agreement to provide investment and insurance services for Capitol Bancorp Limited. PrimeVest will serve as the broker- dealer for Capitol Bancorp's numerous financial institutions, helping them meet their clients' needs. Capitol Bancorp will market its investment and insurances service under the private label of Capitol Wealth Advisors, based in Charlotte, N.C.
"We can offer a broad array of products and services to the Capitol Bancorp clients, along with the latest integrated technology workstation to make it easier for Capitol Wealth Advisors financial professionals to serve their customers," said PrimeVest President and CEO Randy Ciccati. "We're looking forward to working with each of their financial institutions to customize programs that fit their unique needs."
Capitol Bancorp's growing financial institution footprint currently includes 44 banks for which PrimeVest will act as a broker-dealer.
"Our model is very unique, and we had some challenges with the other third-party broker-dealers as it related to OSJ structures," said Will Mackey, Capitol Wealth Advisors' national sales manager, who served previously as the head of business development for Raymond James' financial institution division. "PrimeVest was very accommodating in fitting our unique model."
Capitol Bancorp is the largest holder of separately chartered banks in the United States (source: www.capitolbancorp.com).
About PrimeVest
PrimeVest Financial Services is a self-clearing broker-dealer serving the clients of over 500 financial institutions in 50 states and Guam. PrimeVest makes it easier for financial institutions to succeed by delivering innovative investment and insurance solutions, comprehensive support and a flexible program structure. One of the broker-dealers of ING, PrimeVest is a shareholder of the Chicago Stock Exchange, and a member of the Depository Trust and Clearing Corporation (DTCC) and the Securities Investors Protection Corporation (SIPC).
Securities and insurance products offered by PrimeVest are: Not FDIC/NCUSIF insured; may go down in value; not financial institution guaranteed; not a deposit; and not insured by any federal government agency.
About ING
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 113,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
In the U.S., the ING family of companies offer a comprehensive array of financial services to retail and institutional clients which include life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. For more information, visit www.ing.com
SOURCE: ING U.S. Financial Services
CONTACT: LeAnn McCool of PrimeVest Financial Services, +1-320-656-4361,
or leann.mccool@primevest.net