Essex National Securities Inc., a broker-dealer once owned by a subsidiary of Addison Avenue Federal Credit Union, has been acquired by private investment firm Samson Investment Partners Inc.
Essex in Napa, Calif., offers broker-dealer, registered investment advisory, wealth management and insurance services to financial institutions.
Samson Investment Partners is focused on asset classes including private equity, real estate, public equity, and other investment partnerships, according to the New York-based company. Its founder, Roy Zuckerberg, is chairman and senior partner of the firm and a senior director of the Goldman Sachs Group Inc.
Scott Davis, president/CEO of Essex, said the transaction with Samson will allow the securities firm to remain independent and solely focused on the financial institutions channel. In addition, the partnership will provide Essex with the flexibility and resources to accelerate the company’s growth, he added.
Zuckerberg said Essex is poised for continued growth as banking institutions play an increased role in the financial services industry.
The acquisition is expected to close in the second quarter of 2012, subject to regulatory reviews and approvals, according to both firms.
At the time of the First Tech and Addison Avenue FCU merger, it was the largest merger in credit union history with combined assets of $4.7 billion.