United Securities Brokers Joins Dealer Association
Wolfe, Lou Anne, THE JOURNAL RECORD
The brokerage subsidiary, which opened in January, is the first bank subsidiary in Ohoma to be licensed as a broker-dealer, said Leo Johnson, assistant director of regulation for the Oklahoma Department of Securities.
An application for BancOklahoma Securities Corp. has been filed by BancOklahoma Corp. of Tulsa, he added, but has not been approved.
United Securities Brokers was licensed by the Oklahoma Department of Securities in November and by the U.S. Securities Exchange Commission in December, said Michael Harlan, United Securities vice president and chief operating officer.
As a subsidiary of United Oklahoma Bank, which in turn is owned by United Oklahoma Bankshares Inc., United Securities Brokers is the latest in the family of the holding company's non-bank subsidiaries which offer services for banks.
Others are United Bank Advisory Services Inc., United Bankcard Association Inc., United Bankers Mortgage Corp., United Check Processing Center Inc. and United Data Services Inc.
United Securities Brokers provides investors of its 22 client banks current quotes and access to every major U.S. stock exchange, said Harlan. Also, it provides research information, order execution, and up to $500,000 protection by the Securities Investor Protection Corp.
Designated employees of the client banks serve as intermediaries between customers and United Securities Brokers.
Harlan said United Securities Brokers, as the subsidiary of a bank, is prohibited by law from giving investment advice.
That prohibition may soon be tested in federal court, he added, but United Securities Brokers will likely refrain from investment counseling in the foreseeable future.
Principal officials of the firm are Tom Loy, who is president and chairman of the company, Shannon Lehenbauer and Harlan. …