ST. PETERSBURG, Fla. – Raymond James Financial Institutions Division (FID) continues its strategic growth with the addition of two new bank programs: Athens Federal Investment and Retirement Services, the retail investment program at Athens Federal Community Bank, N.A. in Tennessee; and Androscoggin Financial Services, the investment program for Androscoggin Bank in Maine. Through their alignment with Raymond James, the bank advisors will now offer investment services through Raymond James Financial Services (RJFS), member FINRA/SIPC. Both programs were previously affiliated with INVEST Financial and Pershing before they aligned with Raymond James this year.
“We have had an outstanding start to the year as we continue to welcome great programs to our growing Financial Institutions Division,” said Tim Killgoar, senior vice president and head of Raymond James FID. “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. We’re proud to welcome them to FID, and we look forward to these mutually rewarding partnerships.”
Athens Federal Investment and Retirement Services, a 26-year-old program, includes two investment representatives and one investment division assistant. The two advisors, who include program manager Fred Burke, together manage approximately $141 million in client assets.
“Our primary reason for joining Raymond James’ Financial Institutions Division was that we felt the service and technology were paramount for our advisors as they continue to serve their clients,” said Mike Hutsell, vice president, COO and CFO of Athens Federal Community Bank. “The planning tools, particularly Raymond James’ financial planning software Goal Planning & Monitoring, were particularly impressive. We are excited about our partnership with Raymond James and the continued growth we anticipate as a result of it.”
Androscoggin Financial Services, an 8-year-old investment program, employs two financial advisors and program manager Steve English, who collectively manage approximately $60 million in client assets.
“After in-depth due diligence of multiple third party broker-dealers, we chose Raymond James as our partner as we grow and expand our program,” said English. “Their technology, world class research, breadth of products and services, and service-first culture were the driving forces behind our decision. We look forward to a long and productive relationship with our new partner.”
About Raymond James Financial Services
Raymond James Financial Services, Inc. is a financial services firm supporting more than 3,700 independent financial advisors nationwide. Since 1974, Raymond James Financial Services Inc., member FINRA/SIPC, has provided a wide range of investment and wealth planning related services through its affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF) a leading diversified financial services company with 7,200 financial advisors serving approximately 3 million client accounts in more than 2,900 locations throughout the United States, Canada and overseas. Total client assets are $649 billion.
About the Financial Institutions Division
The Financial Institutions Division was established by Raymond James in 1987 to provide banks and credit unions with an alternative to traditional third-party investment providers. Raymond James provides full-service securities brokerage and advisory services to financial institutions seeking to compete with the largest banks and securities firms in the country. In addition to a full complement of investment products and services, Raymond James has the ability to deliver investment banking, public finance, research, self-clearing capabilities and wealth management services to both individuals and institutions.
About Athens Federal Community Bank, N.A.
Athens Federal Community Bank, N.A., originally chartered in 1934 as a thrift, converted to a National Bank in 2015 and is a wholly owned subsidiary of Athens Bancshares Corporation (OTC QX: AFCB), headquartered in Athens, Tennessee. Athens Federal Community Bank, N.A. operates from 10 branch locations in McMinn, Bradley, Monroe and Loudon counties in eastern Tennessee. The bank’s Investment and Retirement Services Division began in 1990 to serve the customers and communities in the Bank’s operating area. This division now has three Financial Advisors who provide a high level of financial expertise and personal service to their clients.
About Androscoggin Bank
Androscoggin Bank, headquartered in Lewiston, Maine, since 1870, is dedicated to serving the communities of Maine, its residents and the business community. As of 12/31/17, the Bank's asset size was approximately $901,812,000. Delivering smarter banking services and products is our commitment every day. Androscoggin Bank is Member FDIC.
Securities are: not deposits, not insured by FDIC or any governmental agency, not guaranteed by the financial institution, subject to risk, and may lose value. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. The banks and the investment centers are not registered broker/dealers, and are independent of Raymond James Financial Services.