Meriden, CT and Napa, CA (PRWEB) May 20, 2015
Infinex Financial Group and Essex National Securities, LLC (ENSI) announced today that they have entered into a definitive agreement under which Infinex will acquire ENSI and its affiliated companies. This collaborative transaction reflects both organizations’ commitment to market-leading products and services and creates a premier investment service provider specifically for financial institutions and their customers. The Board of Directors of each company has approved the deal, which is subject to customary closing conditions and is scheduled to close in the fall of 2015. A significant number of ENSI employees and executives will join the Infinex team. Terms of the transaction were not disclosed.
The combined entity is expected to generate over $135 million in annual revenue and serve more than 210 financial institutions, 500 financial advisors and 1,000 licensed branch employees nationwide. The firm will be headquartered in Meriden, CT and will maintain offices in Napa, CA, providing a bicoastal service and support presence. Both Infinex and ENSI partner with Pershing as their clearing firm. The parties anticipate leveraging the strengths and resources of both organizations to provide the best broker-dealer solution in the marketplace.
“We are excited about the opportunity to partner with ENSI and to contribute our exceptional support and service model to their clients” said Stephen P. Amarante, President & CEO of Infinex Financial Group. “This transaction will bring together two firms that have excelled at supporting the unique business model of financial institutions. Our focus on providing personal, consultative support at the executive, program manager and advisor levels, along with the combined firm’s award-winning technology, delivers a compelling solution for banks and credit unions.”
“This is an ideal next step in ENSI’s evolution.” said Scott Davis, President & CEO of Essex National Securities, LLC. “We have always been fully committed to the financial institution channel and by combining with Infinex, we are able to further that vision. Steve and his team have built a culture devoted to premier service. Their bank ownership structure allows us to take the support of our banks and credit unions to the next level. The management team at ENSI looks forward to uniting forces and to significantly enhancing our partnerships with all our programs.”
About Infinex Financial Group
Infinex is a leading provider of investment, insurance, and wealth management products and services to financial institutions and their customers. The firm, headquartered in Meriden, CT, has a unique history of being formed by banks, owned by banks, and focused on providing service to financial institutions.
For more information, please visit Infinex at http://www.infinexgroup.com.
About Essex National Securities, LLC
As an independent broker/dealer, insurance agency, registered investment advisor, and cutting-edge technology company, Essex National Securities, LLC (ENSI) builds and delivers customized solutions that are tailor-made for banks and credit unions. Truly personalized service and industry-leading expertise are the hallmarks of their business.
For more information, please visit ENSI at http://www.ensinet.com.