Cetera Financial Group has picked up six Texas banks and a financial advisor from LPL Financial as part of a recruitment deal announced by Cetera on Thursday.
As part of the deal, holding company Industry Bancshares has joined Cetera's financial institutions community. Industry Bancshares comprises six different local bank charters with more than 27 offices located in rural communities throughout Texas, Cetera said. The community banks support almost $6 billion in deposit assets and $46 million in assets under management, according to Cetera.
The news follows multiple recent recruitment and acquisition deals announced by Cetera in recent weeks, including a purchase of the independent financial planning channel of insurer Voya Financial in February and the acquisition this month of Magis Financial Partners, a Philadelphia-based broker-dealer with more than $490 million in AUM that operates a separate RIA that will transition to Cetera. The latter represented the first RIA that Cetera had bought in a while.
Financial terms of the latest deal, finalized Tuesday, were not disclosed. Industry Bancshares' program will be affiliated with Cetera Investment Services.
Industry Bancshares was with LPL for 12 years. LPL did not immediately respond to a request for comment on Friday.
For advisor Bo Thibodeaux, Industry Bancshares program manager, joining Cetera represents a reunion, according to a Cetera spokeswoman. He was with Cetera for two years through a different financial institution (National Bank and Trust, a Cetera client), she noted. "A few years back, he made a career change to join Industry Bancshares who had a program affiliated with LPL," she said. "Industry Bancshares is a brand new affiliation."
