Magazine article American Banker

First Security of Utah to Combine Section 20 with Van Kasper Unit

Magazine article American Banker

First Security of Utah to Combine Section 20 with Van Kasper Unit

Article excerpt

First Security Corp. plans to merge its newly acquired Van Kasper & Co. unit with its own section 20 in June, executive vice president Scott C. Ulbrich said.

The combined unit would be called First Security Van Kasper.

The two units will operate as separate subsidiaries in the meantime, Mr. Ulbrich said.

With the closing last week of its purchase of the San Francisco-based securities firm, Salt Lake City-based First Security added corporate debt and equity underwriting capabilities to its municipal revenue bond, commercial paper, mortgage- and asset-backed securities underwriting powers.

"We will have pretty much everything we need in investment products, from manufacturing to distribution, in a single business line," said Mr. Ulbrich, the $22 billion-asset bank's former chief financial officer. Mr. Ulbrich was tapped in November to take charge of capital markets, treasury, and investment management.

David Wilson, the head of the capital markets section 20, will keep many of his responsibilities and report to Mr. Ulbrich. Van Kasper, who lent his name to the acquired firm when he founded it in 1978, will oversee equity and corporate finance; he also will report to Mr. Ulbrich.

The purchase of Van Kasper adds an important weapon to First Security's offerings-the ability to do private equity placements for commercial banking clients who would have previously taken their business elsewhere.

"We can very effectively now do private placements for clients that only need $5 million to $40 million," Mr. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.