Cetera has joined Industry Bancshares, a holding company comprised of six different local bank charters with more than 27 offices located in rural communities throughout Texas. The community banks support nearly $6 billion in deposit assets and $46 million in assets under management, according to a news release.
The move aligns with the bank’s plans to progress on its growth trajectory with a goal of 20% year-over-year growth over the next five years and immediate plans to recruit additional financial planning leaders, Cetera said.
Bo Thibodeaux, Industry Bancshares program manager and financial professional, said they are excited about the switch to Cetera, as it's one of the leading financial advice firms in the bank and credit union landscape. He noted that he was affiliated with Cetera earlier in his career and served on its technology council that helped shape the AdviceWorks platform. “I believe it has the best bank platform and a solid track record of helping bank programs succeed,” he said in a statement.
LeAnn Rummel, head of Cetera's financial institutions community, said Cetera welcomes back Thibodeaux and the Industry Bancshares team, and is excited to complement their bank program and help them advance their strategy serving customers in rural Texas. “Our distinct focus on creating solutions and technology that accelerate growth for banks while increasing efficiencies and providing world class risk management is why so many choose to join the financial institutions community at Cetera,” she said.
El Segundo, Calif.-based Cetera is a leading independent broker-dealer network with five separate IBDs in its network. The Industry Bancshares program will be affiliated with Cetera Investment Services LLC.