SAN DIEGO — XCU Capital Corp., the credit union-owned brokerdealer that served more than 30 credit unions, was quietly boughtin August 2007 by LPL Financial Corp, an independent broker-dealerconsidered to be the largest of its kind in the country with morethan 800 clients and $235 billion in assets under management.

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According to SEC company filings, LPL Holdings, Inc., awholly-owned subsidiary of LPL Investment Holdings Inc., enteredinto an institutional transfer agreement with XCU Capital on Aug.9, 2007 to transfer and assign existing institutional relationshipsfor a price of $3.62 million.

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Heather Randolph Carter, vice president of corporate marketingat LPL, said 23 credit unions converted to LPL Financial fromXCU.

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Former XCU Capital CEO Mark Hoaglin is now the senior vicepresident over credit union relationships for LPL Financial.Hoaglin said the acquisition was “in the best interest of [XCU]'sclients.”

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“As the nation's largest provider of investment services tocredit unions, LPL Financial was able to offer an attractivecombination of products, technology, and support that are difficultfor a smaller broker/dealer to match,” Hoaglin said. “Withapproximately 200 credit union partners, LPL Financial has ademonstrated commitment to the credit union industry that was veryappealing. They have since furthered this commitment byestablishing a credit union advisory council for these importantclients.”

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