First Security Bank of Utah said it will acquire San Francisco-based Foreign Exchange Ltd. and will operate it as a subsidiary.
Terms were not disclosed.Founded in 1958, Foreign Exchange is the oldest foreign exchange trading firm established in the Western United States, said First Security Bank chairman L. Scott Nelson.
Foreign Exchange is a retail trader of foreign currencies and precious metals with the general public, including travelers and firms doing international trade. It is also a wholesaler of currencies and precious metals with financial institutions and corporations.
"This affiliation will allow me to realize the dream of seeing the continued development of the company I have worked many years to build," said Michael A. Etemad, chairman of Foreign Exchange, who launched the company as a family business 32 years ago. "The resources of First Security will allow the realization of my long-term plans for expanding the services of Foreign Exchange Ltd."
Nelson said Etemad will be retained in the senior management of Foreign Exchange.
Ralph S. Rino, currently vice president and manager of First Security Bank of Utah's International Banking Department, will join Foreign Exchange and is relocating to the San Francisco Bay Area.