Storm Lake, Iowa-based First Midwest Financial Inc. announced a new arrangement with Bill Markve and Associates (BM&A) to provide non-insured investment services and full-line insurance services through First Services Financial Ltd., whose parent is First Midwest’s wholly owned subsidiary, First Federal Savings Bank of the Midwest (FFSBM).
BM&A is based in Sioux City, Iowa, and has several offices and a customer base which extends throughout Iowa and South Dakota. The arrangement becomes effective today.
Previously, First Services Financial, through its own staff, offered full-service insurance and investment services in an arrangement with LaSalle St. Securities. The existing investment and insurance business will be transferred to BM&A today.
The arrangement with BM&A will provide clients with stocks, bonds, fixed and variable annuities, mutual funds, and an expanded array of insurance options to include life, disability, long-term care, property /casualty insurance, and group and individual health insurance. BM&A will initially place brokers in FFSBM markets of Sioux Falls, S.D., and Storm Lake and Des Moines, Iowa.
At March 31, 2004, First Midwest Financial, Inc. had assets of $760 million and shareholder’s equity of $48 million.
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