Former Wedbush Securities Inc. bankers Joey Warmenhoven and Tom Thiel launched their own firm to cater to community banks, according to an article in American Banker.
JWTT Inc. provides investment banking services to small banks and market-making services to more than 600 banks listed in the OTC and Nasdaq markets, according to its website. The firm also provides wealth management services to high-net-worth individuals and corporate services such as execution of stock repurchase plans.
Thiel said JWTT will initially focus on helping banks raise capital; being a market maker for small bank stocks; and serving retail and institutional investors. M&A and equity research are ultimately the firm's long-term goals, he said. Thiel said he also sees an opportunity to cater to thinly-traded stocks because investment banks have shifted their focus to the financial technology space.
