Providential to Purchase S.F. Brokerage
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Providential Holdings Inc., which said earlier this week it would close its troubled day-trading brokerage, said Thursday it has reached agreement to buy a San Francisco broker-dealer that has no day-trading activities.
The Fountain Valley company did not disclose terms of the deal with Holt & Collins.
The company’s Providential Securities Inc. said Tuesday that it would cease operations, transfer its remaining 1,500 investors’ accounts totaling $20 million to other brokerages and withdraw from the National Assn. of Securities Dealers, the industry’s self-regulating body.
The parent company said it needs NASD approval to acquire Holt.
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