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Article: Noted and Noteworthy.(Westrock Group merged with New York investment firm )(Brief article)
- Article from:
- US Banker
- Article date:
- November 1, 2009
CopyrightCOPYRIGHT 2009 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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It wasn't a bank deal, but a Native American group's planned acquisition of a New York investment firm could be a sign of things to come for the banking industry.
In September it was announced that the Lower Brule Sioux Indian tribe in South Dakota, flush with cash from its interests in retail, farming, tourism and casinos, purchased Westrock Group Inc., a New York broker dealer.
When the deal closes, Westrock Group would be the first investment firm to be 100-percent tribally owned. So it's worth asking: are community banks, many of which sorely need capital, on tribes' radar screens as well?
One deal has already been struck this year - in ...