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DA Davidson reaches deal to buy Crowell Weedon

GREAT FALLS, Mont. (AP) -- Great Falls, Mont.-based investment services firm D.A. Davidson & Co. has struck a deal to buy the Los Angeles brokerage and money management group Crowell, Weedon & Co.

Terms of the agreement were not disclosed.

D.A. Davidson officials said in a statement Wednesday the merger would create the largest independent broker-dealer in the western U.S.

The company says its D.A. Davidson Individual Investor Group would have about 465 financial consultants if the deal goes through.

The merger is subject to regulatory approval. The companies expect the deal to close by July 1.

Crowell Weedon employs 340 people and has over $9 billion in assets under management and administration.

D.A. Davidson is a subsidiary of Davidson Companies, which has more than 1,100 employees and managers and administers about $34.5 billion in assets.