Banking-service outsourcer adds private-client brokerage to its inventory. Birmingham, Ala.-based commercial bank Nexity Financial has launched a new division called Nexity Financial Services to provide wealth-management services to its correspondent banking clients.

A correspondent bank, as in this case Nexity, is one that provides certain banking services that may not be readily available to the smaller bank. The bank that uses another bank's correspondent services is technically known as a respondent.

Rent-a-quote

"Offering comprehensive wealth-management resources will enable our banks to leverage their strong customer relationships to directly compete with the major banks and brokerage firms in their respective communities," says Nexity's CEO Greg Lee.

Nexity Financial Services is led by Will Mackey, formerly national sales manager of Lansing, Mich.-based Capitol Bancorp's Capitol Wealth. Before that he was head of business development for St. Petersburg, Fla.-based Raymond James Financial Services.

Nexity Financial Services didn't respond to a request for more information about its wealth-management platform, but, as it filed a broker-dealer application with the NASD last week, it seems that retail brokerage is a major part of it. Nexity Bank generates most of its revenue from correspondent banking. It has correspondent banking offices in Fort Worth, Texas, Atlanta, Columbia, S.C., Myrtle Beach, S.C. and Winston-Salem, N.C. -FWR

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