Hilltop Holdings Inc. (NYSE: HTH) today announced that James H. Ross
resigned as President and CEO of Southwest Securities effective
immediately. Southwest Securities was acquired earlier this year as part
of Hilltop’s purchase of SWS Group, Inc., a provider of a broad range of
investment and financial services.
Mr. Ross served as President and CEO of SWS Group from August 2010 to
December 2014. Mr. Ross came to Southwest Securities in 2004 to head the
Private Client Group’s brokerage office in Dallas, Texas. He served as
CEO of SWS Financial Services, Inc. from March 2004 to April 2011. Mr.
Ross also served as the Director of the Private Client Group at
Southwest Securities from March 2004 to March 2008. In September 2007,
he was elected President and CEO of Southwest Securities, Inc.
As President and CEO of SWS Group, Mr. Ross led the company’s $100
million capital raise and the successful sale to Hilltop. He also
oversaw the successful rehabilitation of the banking subsidiary,
Southwest Securities, FSB.
Mr. Ross stated, “I have enjoyed my years with SWS and have been honored
to work with so many dedicated and talented people, sharing both
challenges and successes as we charted a course together toward a
brighter future.”
“We very much appreciate Jim’s efforts in leading SWS Group and wish him
well in his future endeavors,” said Jeremy B. Ford, President and CEO of
Hilltop.
First Southwest and Southwest Securities are both part of Hilltop
Securities Holdings LLC, a subsidiary of Hilltop. At this time, First
Southwest and Southwest Securities operate as separate broker-dealers
under coordinated leadership, while awaiting necessary regulatory
approvals to be obtained and systems integrations to be completed.
Robert W. Peterson will now assume the role of President and CEO of
Southwest Securities, where he will continue to lead day to day
integration efforts. Upon complete integration of First Southwest and
Southwest Securities, Mr. Peterson will assume the previously announced
role of President and COO of the combined broker-dealer. Hill A.
Feinberg will lead the new combined broker-dealer as Chairman and CEO.
About Hilltop
Hilltop is a Dallas-based financial holding company. Through its wholly
owned subsidiary, PlainsCapital Corporation, a regional commercial
banking franchise, it has two operating subsidiaries: PlainsCapital Bank
and PrimeLending. Under Hilltop Securities Holdings LLC, First
Southwest, Southwest Securities and SWS Financial Services provide a
full complement of securities brokerage, institutional and investment
banking services in addition to clearing services and retail financial
advisory. Through Hilltop’s other wholly owned subsidiary, National
Lloyds Corporation, it provides property and casualty insurance through
two insurance companies, National Lloyds Insurance Company and American
Summit Insurance Company. As of January 1, 2015, Hilltop employed
approximately 5,300 people and operated approximately 450 locations in
44 states. Hilltop's common stock is listed on the New York Stock
Exchange under the symbol HTH. Find more information at hilltop-holdings.com,
plainscapital.com,
firstsw.com,
swst.com,
primelending.com
and natlloyds.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Hilltop’s actual results,
performance or achievements to be materially different from any expected
future results, performance or achievements. Forward-looking statements
speak only as of the date they are made and, except as required by law,
Hilltop does not assume any duty to update forward-looking statements.
Such forward-looking statements include, but are not limited to,
statements about the future financial and operating results, Hilltop’s
plans, objectives, expectations and intentions and other statements that
are not historical facts. The following factors, among others, could
cause actual results to differ from those set forth in the
forward-looking statements: (i) risks associated with merger and
acquisition integration; (ii) our ability to estimate loan losses; (iii)
changes in the default rate of our loans; (iv) risks associated with
concentration in real estate related loans; (v) our ability to obtain
reimbursements for losses on acquired loans under loss-share agreements
with the Federal Deposit Insurance Corporation; (vi) changes in general
economic, market and business conditions in areas or markets where we
compete; (vii) severe catastrophic events in our geographic area; (viii)
changes in the interest rate environment; (ix) cost and availability of
capital; (x) changes in state and federal laws, regulations or policies
affecting one or more of our business segments, including changes in
regulatory fees, deposit insurance premiums, capital requirements and
the Dodd-Frank Wall Street Reform and Consumer Protection Act; (xi) our
ability to use net operating loss carry forwards to reduce future tax
payments; (xii) approval of new, or changes in, accounting policies and
practices; (xiii) changes in key management; (xiv) competition in our
banking, mortgage origination, broker-dealer and insurance segments from
other banks and financial institutions, as well as insurance companies,
mortgage bankers, investment banking and financial advisory firms,
asset-based non-bank lenders and government agencies; (xv) failure of
our insurance segment reinsurers to pay obligations under reinsurance
contracts; and (xvi) our ability to use excess cash in an effective
manner, including the execution of successful acquisitions. For more
information, see the risk factors described in the Annual Report on Form
10-K for the year ended December 31, 2014 and other reports filed with
the Securities and Exchange Commission.
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