First Bankers' Banc Securities, Inc.

What First Bankers' Banc Securities, Inc. does

First Bankers' Banc Securities, Inc. (FBBS) is an SEC-registered, FINRA/SIPC/MSRB-member broker-dealer founded in 1984 (as First St. Louis Securities, Inc.) and headquartered in St. Louis, Missouri. Since 2006, the firm has been owned by a consortium of four Midwestern bankers' banks — Midwest Independent Bancshares, BBOK Bancshares, Bankers' Bancorp of Oklahoma, and Bankers' Bank of the West — and operates as a niche fixed-income intermediary serving community banks, trust companies, municipalities, investment advisors, insurance companies, and individuals across more than 30 states. The firm is registered in over 40 U.S. states and operates sales offices in seven locations including St. Louis, Overland Park, Oklahoma City, Germantown, Walpole, Faribault, and Dana Point.

FBBS offers five integrated product lines: (1) Investment Portfolio Accounting via a licensed TPG Software platform with real-time web portal access, SFAS 115-compliant third-party pricing, and what-if scenario analysis; (2) Brokered CD and Corporate Note Underwriting with custom structuring for laddered, matched, or term funding; (3) Municipal Bond Credit Review featuring a proprietary Buyer Comfort Index Score (BCIS) with 1-10 categorization across Economic, Financial, Debt profile, and Miscellaneous dimensions; (4) Public Finance underwriting and placement agent services for tax-exempt and taxable municipal debt since 1989; and (5) Financial Strategies Group providing in-house ALM/IRR reporting and treasury management guidance. All trades clear through Pershing LLC, and clients access accounts through the ePortfolio portal and NETX Investor platform.

The firm generates revenue across five streams: securities brokerage commissions (transaction fees on stocks, bonds, mutual funds, retirement and non-retirement accounts), recurring subscription fees on the investment portfolio accounting platform, underwriting and placement fees on brokered CDs and corporate notes, transaction fees on municipal bond underwriting, and professional services fees for ALM and financial strategies consulting. Disclosed scale metrics include $850 million in fixed income portfolios managed and over $40 billion in asset cash flows modeled. The 25-person firm has served over 1,000 clients over its 35+ year history and processes trades through a distributed sales force of registered representatives holding FINRA Series 7, 24, 52, 53, 57, 63, and 66 licenses.

Name

First Bankers' Banc Securities, Inc.

Legal name

First Bankers' Banc Securities, Inc.

Website

https://fbbsinc.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

11–50 employees

Short description

First Bankers' Banc Securities, Inc. (FBBS) is an SEC-registered broker-dealer owned by four Midwestern bankers' banks, serving community banks, trust companies, municipalities, and institutions across 30+ states with fixed income brokerage, brokered CD underwriting, municipal bond credit review, investment portfolio accounting, and ALM consulting services.

Ownership category

akta.pro rank

Product category

Broker-Dealer Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Block Trades & Accelerated Bookbuilds (ABB) (FSACAAAE)

akta.pro secondary industry

Follow-on Offerings (FPOs) (FSACAAAB)

Keywords

• Broker-dealer services
• Investment portfolio accounting
• Municipal bond underwriting
• Brokered CD funding
• ALM analytics solutions

Headquarters

HQ city

St. Louis

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Securities Brokerage Commissions: FBBS generates revenue through commissions on securities transactions including stocks, bonds, mutual funds, and other securities traded through retirement and non-retirement accounts. The company clears trades through Pershing LLC.
2. Investment Portfolio Accounting Services: Licensed software platform and services provided to community banks and financial institutions for investment portfolio accounting, including SFAS 115 compliant pricing and reporting.
3. Brokered CD and Corporate Note Underwriting: Underwriting and placement fees from brokered Certificates of Deposit and corporate note underwriting services for financial institutions. Can utilize best efforts process or take-down underwriting.
4. Public Finance Services: Underwriting and placement agent services for municipal bond financing, including tax-exempt and taxable debt in the form of municipal bonds, bank loans and leases.
5. Financial Strategies and ALM Consulting: ALM/IRR reporting and analysis services, policy development and guidance for treasury management, funding, liquidity, investment and asset-liability management.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

First Bankers' Banc Securities, Inc. (FBBS) is a privately held SEC-registered broker-dealer that provides fixed income and investment services primarily to community banks, trust companies, municipalities, and financial institutions. The company offers five core services: Investment Portfolio Accounting (licensed software with real-time portfolio access), Brokered CD and Corporate Note Underwriting, Municipal Bond Credit Review with proprietary BCIS scoring, Public Finance underwriting for municipal debt, and Financial Strategies Group ALM/IRR reporting.

Product overview

First Bankers' Banc Securities, Inc. (FBBS) is a broker-dealer offering a unified suite of fixed income and investment services primarily to community banks, trust companies, and institutional clients. The product portfolio consists of five interconnected core services: (1) Investment Portfolio Accounting – licensed software platform providing real-time holdings, SFAS 115 compliant pricing, and what-if scenario analysis; (2) Brokered CD & Corporate Note Underwriting – CD and corporate note underwriting with custom structuring; (3) Municipal Bond Credit Review & BCIS – credit monitoring with proprietary Buyer Comfort Index Score (BCIS); (4) Public Finance – underwriting and placement for municipal debt; and (5) Financial Strategies Group – ALM/IRR reporting and financial analytics. FBBS clears trades through Pershing LLC and provides client access via the ePortfolio portal and NETX Investor platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Portfolio Accounting Comprehensive investment portfolio accounting services for community banks and financial institutions, including a licensed software platform with real-time portfolio holdings via secure web portal, SFAS 115 compliant third-party pricing, custom securities creation, quarterly interest rate shock reports, and what-if scenario analysis capabilities.
• Brokered CD & Corporate Note Underwriting Underwriting and funding services for brokered Certificates of Deposit and corporate notes, offering custom structuring for laddered, matched, or term funding with minimal documentation and embedded call options for financial institutions.
• Municipal Bond Credit Review & BCIS Ongoing monitoring platform for municipal credits with the proprietary Buyer Comfort Index Score (BCIS) providing 1-10 scoring for individual credits and overall portfolio assessment across Economic, Financial, Debt profile, and Miscellaneous categories with proprietary weighting.
• Public Finance Underwriting and placement agent services for state and local governments including tax-exempt and taxable municipal bonds, bank loans, and leases for cities, counties, school districts, water/sewer/fire districts, and higher education institutions.
• Financial Strategies Group ALM/IRR reporting and financial analytics services including policy development, treasury management guidance, liquidity and investment advisory, and scenario-specific reporting for portfolio strategies utilizing in-house developed software with customizable inputs.

Quantifiable outcome

• Over 1,000 clients served in more than 30 states over 35+ years
• +1 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature3 records

Partnerships

One partnership is on record.

• Pershing LLCcoreOthersPershing LLC serves as FBBS's clearing firm for securities trades. FBBS clears all trades through Pershing LLC. In the event of significant business interruption, customers can contact Pershing directly to process limited trade-related transactions, cash disbursements, and security transfers.

Scale indicators4 records

Recent moves8 records

Expansion highlights12 records

Broad incumbents

• Stifel: Major full-service broker-dealer with deep public finance, fixed income, and institutional brokerage operations. Competes with FBBS in municipal underwriting and fixed income sales to community banks, but at materially larger scale.
• B. Riley Securities: Full-service investment bank with a dedicated Fixed Income Capital Markets division covering institutional and retail fixed income sales. Overlaps with FBBS in fixed income trading and municipal underwriting but with broader capital markets capabilities.
• Piper Sandler: Large U.S. middle-market investment bank with a significant public finance, fixed income, and brokered CD practice. Operates broadly across the same products as FBBS but with national scale, larger balance sheet, and broader institutional client coverage.
• D.A. Davidson: Large regional broker-dealer and investment bank with public finance, fixed income, and equity capital markets capabilities. Comparable to FBBS in serving community banks and mid-size issuers but with a much larger geographic and product footprint.
• Robert W. Baird: Large privately-held wealth management and capital markets firm with significant fixed income and public finance capabilities. Comparable to FBBS in fixed income products and middle-market focus, but with substantially broader product breadth and scale.

Direct peers

• Hilltop Securities: Dallas-based broker-dealer and subsidiary of Hilltop Holdings, with a strong public finance and municipal underwriting franchise. Direct competitor to FBBS in public finance underwriting for municipalities and school districts across the Midwest and South.
• George K. Baum & Company: Kansas City-based investment bank with a long-standing municipal underwriting and fixed income practice serving Midwest issuers and financial institutions. Comparable to FBBS in regional focus, municipal bond expertise, and community-bank client base.
• Crews & Associates: Little Rock-based broker-dealer with a heavy focus on brokered CD and structured product underwriting for community banks. Comparable to FBBS in transaction-based underwriting revenue mix and community-bank client focus.
• SAMCO Capital Markets: Dallas-based broker-dealer specializing in brokered CDs, fixed income trading, and public finance. Directly comparable to FBBS in brokered CD underwriting and municipal bond distribution for community banks and mid-size issuers.
• Vining Sparks: Memphis-based broker-dealer focused on fixed income sales, trading, and portfolio advisory for community banks. Directly comparable to FBBS in target customer, product mix (brokered CDs, ALM, portfolio accounting), and regional focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-bankers-banc-securities-inc

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Bankers' Banc Securities, Inc.