HilltopSecurities is celebrating its 80th anniversary in 2026, marking a legacy of success and innovation that dates all the way back to just after World War II.

HilltopSecurities’ history is the story of two Texas-based firms—First Southwest Company and Southwest Securities Inc.—that expanded their footprints and service offerings before joining forces to create the remarkable organization that exists today.

“With such a long legacy as a leader in municipal finance, it can be difficult to fully appreciate just how significant an impact HilltopSecurities has had on the communities we help finance across the United States,” said HilltopSecurities President and CEO Brad Winges. “Our teams have helped thousands of cities, states, and nonprofits reach their financial and infrastructure goals over the years, and those projects have had a positive impact on countless lives. It’s a true source of pride for our firm and all of the professionals who have put in decades of work.”

HilltopSecurities began its 80th anniversary celebration early when it increased the total prize amount in its fifth annual Hilltop Hunt virtual trivia game for Texas teachers. Instead of the traditional $50,000 in prizes, this year’s Hilltop Hunt awarded $80,000 in prizes. The company also introduced a new anniversary logo that highlights the milestone and will be used on marketing collateral and other promotions throughout 2026.

HilltopSecurities’ History
FirstSouthwest was formed in 1946 in Dallas by a small group of men who had met during their service in World War II. Originally dedicated to serving the financing needs of local municipalities, FirstSouthwest eventually grew into a national firm with offices across the country and expertise in public finance. Through its work with municipalities, the firm defined the role of today’s public finance advisor. In the 1970s, FirstSouthwest cemented its place in the national public finance industry by developing and implementing a financial plan to build an oil storage facility in the Port of Valdez in Alaska using tax-exempt revenue bonds. At the time it was the largest tax-exempt deal ever brought to market.

In 1972, also in Dallas, Southwest Securities was founded as one of the first broker-dealers to enter the fully disclosed securities clearing business. The company began with a single office and a handful of dedicated employees before growing into one of the largest New York Stock Exchange member firms in the Southwest with offices across the nation. Through an IPO in 1991, Southwest Securities became the primary subsidiary of Southwest Securities Group, Inc., a publicly held parent company (later renamed SWS Group) and significantly expanded its fixed income business a few years later through the acquisition of another DFW-area brokerage firm.

FirstSouthwest became part of PlainsCapital Corporation in 2008 and joined the Hilltop family of companies in 2012. Southwest Securities joined the Hilltop family of companies in 2015 with Hilltop’s acquisition of SWS Group. One year later, FirstSouthwest and Southwest Securities merged to form HilltopSecurities.

A Legacy of Success:

#2 Muncipal advisor in the nation for the 10-year period ending Dec. 31, 2025 based on total number of issues¹

#1 TBA Hedge Provider for Housing Finance Agencies in the Country ²

30+ “Deal of the Year” awards³ from The Bond Buyer, including:

• 2025 Southwest Region Deal of the Year for the cities of Dallas and Fort Worth, Texas and Dallas Fort Worth International Airport
• 2025 Northeast Region Deal of the Year for the New York Energy Finance Development Corporation

¹Per LSEG
²Source: NCSHA 2024 HFA Factbook. Based on number of active clients served.
³From 1996 to 2025