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8-K - FORM 8-K - Hilltop Securities Holdings LLC | d468486d8k.htm |
Exhibit 99.1
SWS Group Announces Termination of Cease and Desist Order
at Southwest Securities, FSB
DALLAS, January 15, 2013 SWS Group, Inc. (NYSE: SWS) (the Company) announced today that the Office of the Comptroller of the Currency (the OCC) has lifted the Cease and Desist Order (the Order) under which the Companys banking subsidiary, Southwest Securities, FSB (the Bank), has been operating since February 2011.
We are very pleased that the OCC has recognized the hard work our Bank team has done to reduce classified assets and improve the credit quality of our loan book while maintaining profitability, said James H. Ross, President and Chief Executive Officer of SWS Group. This important milestone demonstrates the effectiveness of our efforts to build Southwest Securities, FSB into a stronger, more diversified bank. We remain focused on implementing our plans to expand the Banks role as a leading lender throughout the markets we serve.
The Bank entered into the Order with the Office of Thrift Supervision (the OTS) on February 4, 2011. Since that time, SWS Group has remained in full compliance with the terms of the Order and has made significant progress in its efforts to strengthen the Bank and position it for long-term success. Notably, the Bank has reduced classified assets by more than 60 percent, from their peak of $273.4 million at December 31, 2010, to $100.7 million at September 30, 2012, and improved its Tier 1 core capital ratio to 12.7 percent and total-risk based capital ratio to 19.2 percent, as of September 30, 2012, increases from 9.4 percent and 14.0 percent, respectively, as of December 31, 2010. The Order had been enforced by the OCC, as the successor to the OTS, since July 2011.
(more)
SWS Announces Lifting of C&D /2
About SWS Group
SWS Group, Inc. is a Dallas-based company offering a broad range of investment and financial services through its subsidiaries. The Companys common stock is listed and traded on the New York Stock Exchange under the symbol SWS. SWS Group, Inc. subsidiaries include Southwest Securities, Inc., a national clearing firm, registered investment adviser and registered broker-dealer; SWS Financial Services, Inc., a registered investment adviser and a registered broker-dealer serving independent securities brokers and their clients; and Southwest Securities, FSB, one of the largest banks headquartered in the Dallas-Fort Worth metropolitan area.
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Contact: Ben Brooks, Corporate Communications, 214-859-6351, bdbrooks@swst.com