BHC Financial Inc. makes announcement.PHILADELPHIA--(BUSINESS WIRE)--Oct. 17, 1996--BHC Financial Inc. (NASDAQ-BHCF) Thursday reported that affiliates of Private Capital Management (PCM (1) See phase change memory. (2) (Plug Compatible Manufacturer) An organization that makes a computer or electronic device that is compatible with an existing machine. ) met with the board of the company at its regular quarterly meeting on Tuesday, Oct. 15, 1996 and presented the substance of the letter which was filed as part of their amended 13D filing yesterday. The board has formed a special committee of independent directors to evaluate the letter and will respond to PCM in due course. As a related matter, yesterday, USAA USAA United Services Automobile Association USAA Urban Superintendents Association of America USAA United States Achievement Academy USAA United States Arbitration Act of 1925 USAA United States Axemen's Association USAA United States Air-Table-Hockey Association Brokerage Services, a large client, advised BHC BHC benzene hexachloride. BHC, ?-BHC see benzene hexachloride. in writing that it intended to internalize internalize To send a customer order from a brokerage firm to the firm's own specialist or market maker. Internalizing an order allows a broker to share in the profit (spread between the bid and ask) of executing the order. its brokerage operations in the latter half of 1997. USAA said that because of the news surrounding the PCM letter and because it was an investor in BHCF BHCF Bedford Hills Correctional Facility (New York) BHCF Brighton Heights Citizens Federation (Pittsburgh, PA) , it felt compelled to notify the company even though the terms of their contract require only 4 months notice. USAA represents approximately 9% of BHC's total 1995 revenues. USAA Brokerage Services has been a client of BHC for 12 years. Outsourcing through our company has enabled USAA to build a large and successful brokerage business. BHC believes that its services will be valuable to other brokers and that continuing its strategy of diversifying its clients and services will reduce its dependence on a few large clients. During 1996 the company has added 9 new clients and has more than 20 prospective clients in the pipeline. BHC Financial Inc. through its principal business unit BHC Securities Inc., is a leading national third-party provider of integrated processing and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to securities brokerage affiliates of banks and other financial institutions and broker dealers. CONTACT: BHC Financial Inc., Philadelphia Lawrence Donato, 215/636-3005 William Spane, 215/636-3003 Richard Bare, 215/636-3807 |
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