Hovde Group’s origins date back to 1987, when Donald Hovde, former undersecretary of the U.S. Department of Housing and Urban Development, and a member of the Federal Home Loan Bank Board (which later was became the Office of Thrift Supervision) together with Eric Hovde, established Hovde Financial, Inc. to provide community and regional banks and thrifts with M&A and strategic advisory services. Drawing from years of experience in the financial services and banking industry, the Washington, DC-based team quickly grew into a major provider of investment banking services in the financial services sector.
Drawing upon the success of its DC office, in 1988, the firm opened its second office in the Chicago-area, led by Steven Hovde. Following a career in accounting, real estate, and law, Steven Hovde opened the Chicago-based office to serve clients and investors interested in opportunities in the financial services industry. Since this time, the Hovde Chicago office has become the firm’s investment banking headquarters and has significantly contributed to The Hovde Group’s long-time and consistent success in financial services to banking and thrift institutions.
In 1989, to further facilitate and support the firm’s growing investment banking activities, the firm established its second major business line, Hovde Securities LLC. Hovde Securities (a member FINRA/SIPC), was created to support the investment banking operations of Hovde Financial by providing services in the areas of capital raising, private placements, underwriting, trust preferred securities, mutual-to-stock conversions, and other capital raising advisory services.
In 1994, in order to capitalize on investment opportunities in the financial services sector, the firm’s partners organized Hovde Capital, which oversaw the Financial Institution Partners series of hedge funds, focused on financial services and real-estate opportunities. Also in 1994, Hovde Acquisition LLC was formed as a merchant banking organization to capitalize on strategic control and non-control positions in banks and thrifts.
In 1995, the firm expanded its operations to the West Coast with the opening of a California-office to serve west-coast clients. In 2002, the firm opened a Florida office to serve Southeast clients, and in 2007, the firm opened a Texas office to serve clients in the south.
In 2004, the principals of the firm formed Hovde Private Equity Advisors, a private equity firm focused on investments in the financial services sector. Hovde was one of the first U.S.-based private equity firms to receive a shelf-charter from the OTS to pursue failed acquisitions of banks, and in 2009, was the first to complete an acquisition of a failed institution from the Federal Deposit Insurance Corporation (FDIC). In 2011, the firm also established Hovde Global Asset Management, LLC, a merchant banking firm focused on investments in the financial and real estate industry. In 2013, Hovde Financial and Hovde Securities became Hovde Group.
Over the last few decades, the firm’s businesses has grown to provide a wide range of services to financial services institutions and to those interested in investing in the banking sector. With employees and offices in Chicago, Illinois - Beverly Hills, CA - Austin, Texas - Palm Beach, Florida, and the Washington, DC tri-state area, Hovde Group is ideally positioned to meet the needs of bank and thrift institutions and investors across the United States.
Because we view our clients as an integrated part of our entire organization, we believe it is important that they have access to all of the resources and expertise of all our professionals. Hovde Group offers a synergistic approach to assisting our clients. Whether you are looking for M&A or capital markets services, Hovde Group offers a complete and complimentarily line of services and professionals to meet your needs.