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Tampa Bay-Lakeland
Business Observer Wednesday, May 11, 2011 8 years ago

Raymond James, home lender?

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The financial advisory firm will expand its business to include home loans.

ST. PETERSBURG — Raymond James Financial Inc. (symbol: RJF) will soon begin offering mortgage-lending services to all potential homebuyers. Previously, the St. Petersburg-based firm only offered banking services to clients of Raymond James financial advisers.

Joseph Wessel, a former executive at Florida Bank and HomeBanc Mortgage Corp., will lead the new operation as senior vice president, mortgage banking executive, according to a statement from Raymond James. The bank has also hired Carmen Inclan and Lesley Holroyd to help grow its new operation.

“There is strong demand for well-capitalized, experienced lenders that place a premium on conservative decision making,” argued Raymond James Bank president and CEO Steve Raney in a statement.

Raymond James Financial Inc. earned $2.9 billion in revenues in its 2010 fiscal year. Based on the current per-share price of its common stock, which was just above $35 in late Thursday trading, the company's stock is worth $4.47 billion.

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