Ruan Securities Division

Ruan Securities became a division of D.A. Davidson & Co. on March 2, 2009. Through our association with D.A. Davidson's Fixed Income Capital Markets Group, our expertise serving issuers in Iowa will expand to include 13 states and issuer clients across the country.

The Ruan Securities division has two business specialties: the Iowa Public Finance Group which has served as financial advisor to over 200 political subdivisions, and our Sales Group which is a marketer of Iowa municipal bonds, U.S. government securities and other fixed income securities.

Ruan Securities is a division of D.A. Davidson & Co. (D.A. Davidson), a Montana-based full-service brokerage and investment banking firm. D.A. Davidson and its related entities operate under Davidson Companies, one of the nation's leading regional financial services holding companies offering a full menu of integrated brokerage, capital markets, money management, trust and wealth management services.

Founded in 1935, D.A. Davidson has a demonstrated expertise and commitment to public sector clients. Serving clients from 17 locations in 13 states, the Fixed Income Capital Markets group provides expertise in a broad array of specialties including: state & local government, multi-family housing, school finance, healthcare, higher education, project financings, charter schools and special districts. In 2008, D.A. Davidson ranked 13th nationwide as measured in number of underwritings by Thomson Financial. As of September 30, 2008, D.A. Davidson. had over $122 million in equity and $68 million in net capital, which provides the firm with the financial strength to underwrite municipal debt transactions in excess of $500 million.

In addition, Davidson Companies had over $23.5 billion of assets under management and recorded over $230 million of revenue in fiscal 2008

Fixed Income Securities

The Ruan Securities division offers a full selection of fixed income securities, with the credit quality, maturities and yields to meet individual objectives. Our long term experience and involvement in fixed income securities investing and in Iowa municipal bonds underwriting gives us an edge. We don't dabble in bonds; we make our living developing and maintaining bond portfolios for some of Iowa's biggest banks and insurance companies.