inot, North Dakota-based Integrity Mutual Funds
plans to merge its wholly-owned broker-dealer firms, Capital Financial Services (CFS) and ARM Securities Corporation (ARM), into one firm - Capital Financial Services
The move was undertaken to boost operating efficiency and save money, and will not result in any layoffs, according to a prepared release.
As a result, the former ARM offices, which oversee 66 registered representatives in several Mid-west states plus California, will expand to full service. CFS is a full-service brokerage that provides investment products and services to independent investment reps, financial planners and advisors, and has 90 registered reps placed mainly in the Mid-west.
"By combining both companies," said Robert Walstad
, CEO of Integrity, who added, "We will provide our customers with greater efficiency; eliminate a vast array of expenses; and create a solid platform for continued growth and expanded services of our independent broker dealer division."
With assets under management of over $300 million, Integrity Mutual trades over the OTC Bulletin Board under the symbol IMFD. With its subsidiaries, ND Capital, ND Money Management, ND Resources and Ranson Capital Corp., it sponsors, manages, and advises eleven mutual funds.
These include state-specific tax-exempt municipal bond funds in Montana, North Dakota, South Dakota, Nebraska, Kansas and Oklahoma. Integrity also sponsors a stock fund, an income fund, and two equity fund of funds that invest in funds managed by outside firms.
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