September 10, 2015

First National Bank of Bemidji partners with Raymond James for investment and wealth management services

ST. PETERSBURG, Fla. – John W. Houston, managing director of the Financial Institutions Division (FID) of Raymond James, announced that the advisors at First National Bank of Bemidji, located in Bemidji, Minnesota, have partnered with and will offer investment and wealth management services to clients through Raymond James Financial Services, Inc.

The investment services function at First National Bank of Bemidji had been affiliated with Fintegra since 1993. Financial advisor Ryan Welle, who manages approximately $54 million in client assets, spearheads the program and expects to be able to grow the program through the bank’s relationship with Raymond James.

“Raymond James is an impressive company,” said Tom Welle, president and chairman of the board for First National Bank of Bemidji. “As we were evaluating who we wanted our advisors to partner with for the longer term, resources and capabilities were high on the priority list. Raymond James offers the types of financial planning, estate planning and trust services we need to expand our program. In addition, we were impressed by the firm’s technology, particularly its client-facing technology, which appears to be far superior to our previous third-party marketer.

“Having provided investment services for some time, we recently began to focus on ways to grow our program more aggressively, adding both clients and advisors. We are excited and looking forward to the expanded services our team will now be able to offer our customers through our relationship with Raymond James’ Financial Institutions Division.”

“First National Bank of Bemidji is an outstanding organization with a longstanding commitment to its clients, making it a great cultural fit with our Financial Institutions Division,” said Houston. “We are pleased they chose Raymond James in their efforts to expand their wealth management services and further grow their investment program.”

First National Bank of Bemidji opened its doors in 1897 as the Bank of Bemidji with a capital investment of $5,000. Since that opening day, the bank has grown to become a $642 million bank with about 25,000 deposit accounts and $336 million in loans. The Welle family has owned and managed First National Bank of Bemidji since 1945 and the bank became an ESOP (Employee Stock Ownership Plan) organization in 1985.

About Raymond James Financial Services
Raymond James Financial Services, Inc. is a financial services firm supporting more than 3,400 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 more than 6,500 financial advisors serving nearly 2.7 million client accounts in more than 2,600 locations throughout the United States, Canada and overseas. Total client assets are approximately $504 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.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment products are: not deposits, not FDIC/NCUA insured, not insured by any government agency, not bank guaranteed, subject to risk and may lose value. First National Bank of Bemidji and Raymond James are independent entities.