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SOUTHWEST FINANCIAL SERVICES history
SOUTHWEST FINANCIAL SERVICES company history timeline
The Revenue Act of 1862 included an inheritance tax, which applied to transfers of personal assets.
In 1864, Congress amended the Revenue Act, added a tax on transfers of real estate, and increased the rates for inheritance taxes.
In 1898, a federal legacy tax was proposed to raise revenue for the Spanish-American War.
1946 – First Southwest Company forms in Dallas as a broker-dealer specializing in public finance.
Southwest Financial opened for business in the early months of 1963.
1972 – Southwest Securities Inc. incorporates and becomes one of the first broker-dealers to enter the fully disclosed securities clearing business.
1977 – FirstSouthwest serves as municipal advisor on financing of Alaska’s Valdez Marine Terminal—then the largest privately funded construction project at $8 billion.
Bank of the Southwest opened its doors in Roswell on December 10, 1992.
In March of 1993, the holding company purchased First Bank of Truth or Consequences and changed the name to Bank of the Southwest at Truth or Consequences.
1997 – SWS Group Inc. lists on the New York Stock Exchange.
2002 – Southwest Securities adds 48 correspondent firms with prompt merger of MJK Clearing.
2004 – Hilltop Holdings Inc. completes IPO on the NYSE. FirstSouthwest advises the Central Florida Expressway Authority on est. $500 million floating rate debt swap.
A new branch was opened in Bloomfield in 2007.
Internal Revenue Service, Statistics of Income Bulletin, 2007
2008 – PlainsCapital Corporation acquires FirstSouthwest.
2012 – Hilltop Holdings Inc. acquires PlainsCapital Corporation.
2015 – Hilltop Holdings acquires SWS Group Inc.
2016 – HilltopSecurities forms from merger of FirstSouthwest and Southwest Securities.
For the 2019 tax year, if an estate’s worth less than $11.4 million, no federal estate taxes may apply.1
Chart Source: Internal Revenue Service, 2019
As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.
© 2021 Hilltop Securities Inc., a Hilltop Holdings Company.
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