DeWaay Financial expands to KC by buying M&I division

June 1, 2008

By: Staff Writer

An Iowa-based financial services company on Thursday announced its expansion into Kansas City. 

DeWaay Financial NetworkLLC bought M&I Bank's central states investment division.  The purchase, effective at the beginning of 2008, is the first outside Iowa for the Des Moines-based buyer.

Terms of the sale by Milwaukee-based M&I weren't disclosed. 

Dan Stepp, who led M&I's broker-dealer unit in Kansas City and Wichita, now is president of the DFN Institutional Division, based at 4435 Main St. in Kansas City. 

DFN's services include short-term cash management, public finance, portfolio management and fixed-income underwriting and trading.