SAN ANTONIO and OKLAHOMA CITY, Oct. 2, 2012 /PRNewswire/ -- One of the nation's largest independently owned securities firm is teaming up with the largest correspondent bank in Texas to provide securities safekeeping for financial institutions throughout the U.S. Oklahoma City-based The Baker Group and San Antonio-based Frost Bank today announced that The Baker Group will refer community banks to Frost Bank for securities safekeeping services. Frost Bank will refer its correspondent banks to The Baker Group's asset/liability management services.
"The Baker Group is thrilled to align with a respected banking partner like Frost Bank," said David Daugherty, president and CEO, The Baker Group. "We deal with hundreds of financial institutions, and there's no regional bank more admired than Frost for its integrity, customer service and strong advocacy on behalf of community banking." Daugherty announced that Mark Baumann, a financial strategies analyst, will lead the group's alliance with Frost Bank.
"To be associated with such a well-known and fiscally strong institution is exciting," said Mark Baumann. "We look forward to developing our asset/liability management and safekeeping alliance with Frost Bank in order to build on our outstanding customer service and provide more robust safekeeping for our institutions. The Baker Group and Frost Bank share a very similar culture and we look forward to a long-standing alliance."The Baker Group works with more than 800 financial institutions across the country, while Frost Bank has more than 100 years of correspondent banking experience and more than 250 correspondent banking clients across Texas, Arkansas, Illinois and Oklahoma. The alliance will provide The Baker Group and its institutions with a trusted safekeeping partner and expands Frost's correspondent banking business nationwide. This alliance also gives Frost Bank's correspondent Banking customers access to The Baker Group's asset/liability management and portfolio accounting systems. "The Baker Group has a sterling reputation in the securities industry, and we are grateful for the firm's confidence in our securities safekeeping services," said Cliff McCauley, executive vice president, Correspondent Banking at Frost. "Correspondent banking is a core line of business for Frost. We have a long-term commitment to our banking customers, and we look forward to developing new relationships through our alliance with a company that shares a similar customer-centric culture." McCauley announced that Jeff McQueen, a banking executive with experience in financial services and banking, has joined Frost to lead its Correspondent Banking program outside of Texas, including new relationships through the alliance with The Baker Group. "It is an honor to serve as the liaison between two respected companies like Frost and The Baker Group," said McQueen. "Both companies share an abiding commitment to personal relationships and strong customer service, and we look forward to serving the Correspondent Banking needs of new customers across the country."