CONCORD HOLDING CORPORATION ACQUIRES TCM BROKERAGE INC., DISCOUNT BROKER IN ROCHESTER, N.Y.
NEW YORK, April 13 /PRNewswire/ -- Concord Holding Corporation has acquired TCM Brokerage, Inc., a discount broker based in Rochester, N.Y., is was announced by Richard E. Stierwalt, chief executive officer of Concord. Stierwalt also announced that Susan Lea West, executive vice president of Concord Financial Group, Inc., will be responsible for the day-to-day operations of TCM Brokerage. "The acquisition of TCM Brokerage is part of Concord's corporate strategy of diversification by entering new but related businesses," said Stierwalt. "Concord intends to expand the basic brokerage business to investors and also make this new service available to support our existing and future proprietary mutual fund clients." TCM Brokerage, which will retain its name, will be a wholly owned subsidiary of Concord Holding Corp. and remain in Rochester. Formerly associated with Chase Manhattan Bank, TCM Brokerage continues to have business relationships with the bank. Concord Holding Corp. is one of the largest administrators of proprietary mutual funds more than $32 billion in mutual fund assets under administration (as of April 7, 1993). Its subsidiary, Concord Financial Group, Inc., is a major distributor and sponsor of proprietary mutual funds. -0- 4/13/93 /CONTACT: Laura Berger or Stan Appenzeller of Arlen Financial Communications, 212-966-5100, for Concord/
CO: Concord Holding Corporation; TCM Brokerage, Inc. ST: New York IN: FIN SU: TNM
LR-SM -- NY017 -- 5104 04/13/93 09:41 EDT
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|Date:||Apr 13, 1993|
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