CHICAGO, March 3 /PRNewswire/ -- EVEREN Securities, Inc. today announced
that its public finance department now provides leasing services to its
municipal clients. As previously announced, EVEREN is integrating
complementary investment banking capabilities of Principal Financial
Securities, Inc. into its capital markets division as part of EVEREN Capital
Corporation's (NYSE: EVR) Jan. 9, 1998, acquisition of Principal Financial
Securities.
EVEREN's new municipal leasing group specializes in taxable and tax-exempt
municipal leasing, certificates of participation, hospital and medical
equipment financing and natural gas and utility financing.
"We believe that EVEREN's scope and distribution capabilities will greatly
enhance our ability to grow the municipal leasing business," said Michael 0.
Hark, senior vice president and managing director of municipal leasing. "In
particular, we hope to build on the momentum we've gained in the natural gas
industry -- transactions which are particularly complicated due to the
expertise required in both energy and investment banking -- to generate
additional new business opportunities for EVEREN."
Hark joined Principal Financial Securities in 1996 after seven years at
Sutro & Co., where he was responsible for establishing that company's
municipal leasing operation.
EVEREN's public finance department originates, structures, and implements
negotiated financings for state and local governments. The department
provides financial advisory and structuring services associated with a diverse
array of public finance products as well as cash management and bond
referendum assistance.
In 1997, EVEREN participated in 174 municipal issues with a par value of
$4.4 billion. Based in Chicago, the department maintains offices in Denver;
Fayetteville, Ark.; Indianapolis; Lansing, Mich. and Milwaukee.
EVEREN's capital markets division serves the capital needs of corporations
and governments as well as the interests of investors through a range of
activities, including investment banking, trading, institutional sales and
research of equity, taxable fixed-income and municipal securities. The firm
focuses on middle market and emerging growth companies in eight key
industries: consumer/retail, energy, financial services, health care,
industrial/capital goods, real estate, technology and telecommunications.
EVEREN Securities, Inc. ranks among the 1O largest national full-service
brokerage firms in the U.S. EVEREN serves individual, corporate, municipal
and institutional clients through an integrated network of more than 1,300
investment consultants in approximately 135 offices. The firm combines the
capital markets resources of a large national organization with the
personalized service and dedication of a smaller firm. Currently, EVEREN
holds approximately $49 billion of client assets in 500,000 active client
accounts.
Principal Financial Securities, an investment banking and securities
brokerage firm with approximately 50 branch offices in the Southwest, Midwest
and West, has approximately 400 investment consultants and $8 billion of
client assets under control. Principal Financial Securities and EVEREN
Securities will operate as separate broker-dealers until Principal Financial's
back office and other operating activities are combined with those of EVEREN.
EVEREN Securities, Inc. and Principal Financial Securities, Inc. are members
of the Securities Investor Protection Corporation, the New York Stock Exchange
and other principal exchanges. EVEREN Securities and Principal Financial
Securities are subsidiaries of EVEREN Capital Corporation. For more
information about EVEREN, visit the company's Web site at http://www.everensec.com.
SOURCE EVEREN Securities, Inc.
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Related links:
http://www.everensec.com
CONTACT:
Kathleen M. Anderson, 312-574-5914, or Edgar
P. McDougal 312-574-5791, both of EVEREN Securities
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
121760
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