Hilltop Holdings Inc.

Last updated
Hilltop Holdings Inc.
Type Public
Industry Financial services
Founded1998
Headquarters6565 Hillcrest Ave
Dallas, Texas, U.S.
Key people
Jeremy Ford (CEO & President), William Furr (Chief Financial Officer), Darren Parmenter (Chief Administrative Officer)
Number of employees
4,950 (2021)
Website hilltop-holdings.com

Hilltop Holdings Inc. is a financial holding company based in Dallas, Texas. [1] It offers financial products and banking services through three primary subsidiaries: PlainsCapital Bank, [2] PrimeLending, [3] and HilltopSecurities. [4]

Contents

Corporate overview

Hilltop Holdings is a financial holding company that provides business and consumer banking services from locations all around Texas via its primary subsidiary, PlainsCapital Bank. A wholly owned subsidiary of PlainsCapital Bank, PrimeLending, provides mortgage lending services with offices throughout the United States. Hilltop Securities Inc. and Hilltop Securities Independent Network Inc. are subsidiaries of Hilltop Holdings that provide brokerage and investment banking services to clients throughout the United States.

Jeremy Ford was named as the sole CEO of Hilltop Holdings in April 2019. [5] William Furr was appointed as chief financial officer in September 2016. [6]

As of its June 30, 2019 earnings report, Hilltop Holdings reported employment of about 5,100 people and operating 440 locations in 41 U.S. states, with total assets of US$14.3 billion. [7]

History and acquisitions

Hilltop Holdings was established as Affordable Residential Communities in 1998. The real estate investment trust focused on acquiring, renovating and operating manufactured home communities, among other services. The company completed an initial public offering in July 2004. [8] In 2007, Affordable Residential Communities sold its manufactured home communities business assets for US$1.8 billion and changed its name to Hilltop Holdings Inc. [9] Also in 2007, Hilltop Holdings purchased National Lloyds Corporation, an insurance company specializing in coverage for manufactured homes. [10]

On November 30, 2012, Hilltop Holdings acquired PlainsCapital Corporation and its operating subsidiaries PlainsCapital Bank, PrimeLending and First Southwest Company. [11] It acquired the former First National Bank of Edinburg, Texas, in 2013. [12]

In January 2015, Hilltop Holdings finalized acquisition of SWS Group Inc. for approximately US$350 million. The SWS subsidiary Southwest Securities Federal Savings Bank (FSB) was merged into PlainsCapital Bank. [13] [14] In January 2016, Hilltop Holdings subsidiaries First Southwest Company and the previous SWS banking subsidiary Southwest Securities Inc. merged and began operations as HilltopSecurities. [15]

In June 2020, Hilltop Holdings completed the sale of National Lloyds Corporation and its subsidiaries to Align Financial Holdings, LLC. for $150 million [16]

Recent rankings

Subsidiary: PlainsCapital Bank

PlainsCapital Bank
Founded1998 in Lubbock, Texas, Texas, US
Headquarters Dallas, Texas, US
Key people
Jerry L. Schaffner (President and CEO), Brian L. Heflin (Chief Operating Officer)
Services Consumer banking
Website www.plainscapital.com

Predecessors: Plains National Bank, Southwest Securities FSB

Deposits: US$ 7.1 billion (2016)

Parent: Hilltop Holdings Inc.

PlainsCapital Bank conducts commercial and consumer banking in the state of Texas, with 63 branch locations as of 2016. [23] The bank is a member of the Federal Deposit Insurance Corporation (FDIC) and states it is an Equal Housing Lender. The bank offers:

As of 2016, the bank ranks as the 6th largest bank based in Texas, based on deposit market share with total deposits of US$7.1 billion reported. [24]

History and acquisitions: PlainsCapital Bank

The bank was founded as Plains National Bank by Alan B. White, its former chairman, in 1988 in Lubbock, Texas USA. In 1999, it expanded with a branch in Dallas, and acquired Dallas-based residential mortgage lender PrimeLending. The bank added branches in other major Texas markets through the 2000s. In 2003 the bank changed its name to PlainsCapital Bank. [25]

In 2009, PlainsCapital acquired First Southwest Company, a Dallas-based public finance advisory firm and investment bank. [26]

In 2012 the bank was acquired by Hilltop Holdings. [27] In 2013 Hilltop Holdings acquired PlainsCapital acquired First National Bank of Edinburg, Texas, [28] and merged its operations into PlainsCapital Bank. As part of the Hilltop Holdings acquisition of SWS Group, Southwest Securities Inc. was merged into PlainsCapital Bank in 2015. As part of that process, First Southwest Co. was moved out from under PlainsCapital Bank, to become a direct subsidiary of Hilltop Holdings. In early 2016, First Southwest Co. was officially merged with Southwest Securities Inc. to become HilltopSecurities. [29] Today PlainsCapital Bank operates as a subsidiary of Hilltop Holdings, with PrimeLending as its main subsidiary.

Subsidiary: PrimeLending

PrimeLending
Founded1986
Headquarters Dallas, Texas, US
Key people
Steve Thompson (President & CEO), Todd L. Salmans (Chairman)
ServicesHome loans, mortgage refinancing
Website www.primelending.com

Loans: US$ 23 billion (2020)

Parent: Hilltop Holdings Inc.

As a direct subsidiary of PlainsCapital Bank, PrimeLending is a national residential mortgage originator providing home loans, home renovation loans and mortgage refinancing. [30]

PrimeLending has ranked as a Top 10 purchase lender yearly since 2012, based on purchase units. It reported originating US$23 billion in loans in 2020. [31] Steve Thompson is the President and CEO. [32]

As of December 2021, PrimeLending reported approximately 300 locations in the United States, with approximately 1,250 loan officers. PrimeLending is licensed to originate and close loans in all 50 states and in the District of Columbia. PrimeLending sells many of the loans it originates into secondary markets. It offers:

History and acquisitions: PrimeLending

The corporation was founded in 1986 and started initial operations with a staff of 20. Its first year, it reported generating US$80 million in home loans. [34] PrimeLending was acquired by PlainsCapital Corporation in 1999. [35] On November 30, 2012, Hilltop Holdings acquired PlainsCapital Corporation and its operating subsidiaries, including PrimeLending. [36] Today PrimeLending operates as a subsidiary of PlainsCapital Bank.

Subsidiary: HilltopSecurities

HilltopSecurities
Industry Financial services
FoundedJanuary 2016
Headquarters Dallas, Texas, US
Key people
M. Bradley Winges (President and CEO), [37] Hill A. Feinberg (Chairman) [38]
Website www.hilltopsecurities.com

Predecessors: Southwest Securities, Inc. FirstSouthwest Co LLC

Parent: Hilltop Holdings Inc.

HilltopSecurities is a financial services company headquartered in Dallas. The company is a broker-dealer and Registered Investment Adviser that provides investment banking and financial advisory services. [39] It was founded in January 2016 from the merger of two Dallas-based financial firms, FirstSouthwest Company and Southwest Securities, Inc. [40]

HilltopSecurities is led by M. Bradley Winges, president and CEO. Former CEO, Hill A. Feinberg, serves as chairman. [41] As of January 2016, HilltopSecurities had approximately 1,000 employees in approximately 50 offices in the United States. [42]

HilltopSecurities provides financial services for public and private organizations, investors and issuers [43] through six main lines of business:

The company is a founding member of the American Securities Association, an industry association established in February 2016 to represent the interests of mid-sized and regional investment banks and securities dealers. [45]

History and acquisitions: HilltopSecurities

FirstSouthwest Co. was founded in 1946, [46] and in 1991 was acquired by a Dallas group including individual investors Hill A. Feinberg, Tom Luce and Bob Utley. [47] By 2003 the firm was operating in eight states. PlainsCapital Bank acquired FirstSouthwest at the end of 2008. [48] Following the acquisition, FirstSouthwest continued to operate independently under its original name. [49]

Southwest Securities, Inc. was founded in April 1972 as MidSouthwest Securities, Inc. and removed the "Mid" to become Southwest Securities, Inc. in 1979. [50] Its parent company, SWS Group, Inc., announced in 2014 that it was being acquired by Hilltop Holdings Inc. in a stock and cash deal. [51] The acquisition of SWS Group and its subsidiaries, including Southwest Securities, Inc. was completed on January 1, 2015. [52] With the acquisition, Hilltop Holdings began a process to merge Southwest Securities and FirstSouthwest. [53] On January 25, 2016, HilltopSecurities announced its official launch as a new entity, following regulatory approval for the merger under Hilltop Holdings ownership. [54] [55] Today, HilltopSecurities operates as a subsidiary of Hilltop Holdings. [56]

Subsidiary: National Lloyds Corporation

National Lloyds Corporation
Industry Insurance
Founded1949 in Texas, US
Headquarters Waco, Texas, US
Key people
Robert Otis (CEO)
Website www.NationalLloydsInsurance.com

Predecessors: Southwest Securities, Inc. FirstSouthwest Co LLC

Parent: Hilltop Holdings Inc.

National Lloyds Corporation specializes in providing insurance for affordable dwellings and manufactured homes. It provides policies through two wholly owned subsidiaries:

Robert Otis is the current CEO of National Lloyds Corp. About 4,200 independent agencies sell insurance from National Lloyds Corp. Types of insurance provided include:

National Lloyds also operates the Nalico General Agency, which is licensed to sell insurance in 30 US states. The niche insurance agency was launched in 1983. It works with independent insurance agents and agencies, and makers and retailers of manufactured housing. [59]

History and acquisitions: National Lloyds Corporation

Founded in 1949 in the US state of Texas, National Lloyds Insurance Co. received its operating charter in 1949. Its operating company, NLASCO Inc., moved the corporate headquarters to Waco, Texas, in 1964. In 1983, the corporation launched a managing insurance agency, Nalico General Agency. In 2001, NLASCO acquired the American Summit Insurance Co. Previously American Summit was an independent insurance company that received its charter in 1956. In 2006 the corporation acquired the Longhorn General Agency, and merged its operations into Nalico General Agency. [60]

Hilltop Holdings acquired NLASCO Inc. in 2007. [61] In September 2013, NLASCO changed its name to National Lloyds Corporation, including a rebranding effort and a new corporate logo. In 2017 National Lloyds adopted the logo of the Hilltop brands. [62] Today, National Lloyds Corporation operates as a subsidiary of Hilltop Holdings.

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References

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  2. ↑ “About Us: Our Story,” Public website of PlainsCapital Bank
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  4. ↑ "HilltopSecurities' Capital Markets Makes Strategic Appointments to MBS Trading and Sales." TheStreet.com. August 18, 2016. Retrieved January 3, 2017.
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  30. ↑ “About PrimeLending” PrimeLending public website
  31. ↑ Page 75, Mortgage Loan Originations (PrimeLending), Hilltop Holdings Inc. Form 10-K filed with Securities and Exchange Commission, Fiscal Year 2016,
  32. ↑ “About PrimeLending” PrimeLending public website
  33. ↑ “PrimeLending Loan Options,” from public website of PrimeLending
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  54. ↑ Kezar, Korri (January 2, 2015). "Hilltop Holdings completes acquisition of SWS Group in merger valued at $350M." Dallas Business Journal. American City Business Journals. Retrieved January 3, 2017.
  55. ↑ Cho, Hanah (April 2014). "Hilltop Holdings to acquire SWS Group in stock-and-cash deal." The Dallas Morning News. A. H. Belo. Retrieved January 3, 2017.
  56. ↑ Williamson, Richard (October 23, 2015). "First Southwest to Join Southwest Securities Under Hilltop Name." The Bond Buyer. Retrieved February 6, 2017.
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  58. ↑ “About National Lloyds Insurance: What We Do” Public website of National Lloyds Insurance
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