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Article: Bank Brokerage's 25th Anniversary.
- Article from:
- Banking Wire
- Article date:
- November 8, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bank brokerage was born on Nov. 5, 1982, on a balmy Florida morning when broker Al Doremus at Coast Federal Bank, a savings and loan (S&L) institution in Sarasota, Fla., closed the first sale.
"It was the very first stock trade in the lobby of a bank since the Great Depression," says Paul Werlin, the principal who signed that first ticket, 200 shares of American Home Products, for a retired couple. "Everything went by phone to the Tampa office and the whole time the Securities Industry Association (SIA) was threatening to sue," he says. It was a tense moment. "There were 10 of us in the order room waiting for the phone to ring to make sure the trade had ...