The sale ends a 92-year run of ownership by the Peterson family, which opened the business five years before the onset of the Great Depression and built a preeminent position in the municipal bond business that continues today.
The parent of City Securities Corp. finds itself at a crossroads with the May death of its 95-year-old vice chairman, Danny Danielson, and with his brother-in-law, Chairman John Peterson, approaching 83 years old.
City Securities Corp. has agreed to pay $250,000 as part of an industry-wide settlement with the Securities and Exchange Commission over disclosure shortfalls in municipal bond offerings.
Donald “Danny” C. Danielson, named a Living Legend last year for his lifelong contributions to business, education and philanthropy in Indiana, died Thursday morning in his New Castle home at age 95.
City Securities Corp. has dominated the Indiana municipal bond market for decades, but the firm’s recent $580,000 settlement with the U.S. Securities and Exchange Commission could give issuers pause and competitors a foot in the door in the underwriting business.
City Securities Corp., one of the largest investment firms based in Indiana, has purchased Columbus, Ohio-based ReCasa Financial Group LLC, a specialty lender focused on rehabs of dilapidated houses.