HilltopSecurities at 80: A Legacy of Building America's Communities

DALLAS, TX – April 06, 2026 – Hilltop Securities Inc. celebrated a significant milestone on April 2, marking its 80th anniversary and a legacy that stretches back to the optimistic, nation-building years following World War II. The firm, a powerhouse in municipal finance, has a history defined by strategic growth, landmark projects, and a deep-rooted presence in the American financial landscape.

Born from the union of two distinct Texas-based firms, First Southwest Company and Southwest Securities Inc., HilltopSecurities today stands as a testament to endurance and adaptation in a volatile industry. Its work over eight decades has quietly underpinned the development of countless communities across the United States.

“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 past 80 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 hard work.”

A Tale of Two Texas Titans

The story of HilltopSecurities is a narrative of two parallel journeys that eventually converged. The firm’s lineage began in 1946 when a small group of veterans, their bonds forged in World War II, founded First Southwest Company in Dallas. Their initial mission was clear: to serve the financing needs of local municipalities in a growing post-war Texas. This focus on public finance became the bedrock of the company.

First Southwest quickly grew beyond its local origins, expanding its expertise and footprint nationwide. The firm cemented its place as a national leader in the 1970s with a groundbreaking achievement. It developed and executed the financial plan to construct a massive oil storage facility in the Port of Valdez, Alaska, using tax-exempt revenue bonds. At the time, it was the largest tax-exempt deal ever brought to market, a transaction that not only demonstrated the power of municipal finance for large-scale infrastructure but also helped define the modern role of the public finance advisor.

Meanwhile, in 1972, another Dallas firm, Southwest Securities, was founded. It entered the market as one of the first broker-dealers to specialize in the fully disclosed securities clearing business. Starting with just a handful of employees in a single office, it grew into one of the largest New York Stock Exchange member firms in the Southwest, with a national presence. After going public in 1991, Southwest Securities significantly expanded its fixed-income business, becoming a major player in its own right.

The paths of these two financial institutions began to merge in the 21st century. FirstSouthwest became part of the Hilltop family of companies in 2012. Three years later, Hilltop acquired SWS Group, the parent of Southwest Securities. In 2016, the two legacy firms were officially merged, creating the modern HilltopSecurities.

Shaping America's Infrastructure

Today, HilltopSecurities is a dominant force in the field its founders pioneered. The firm's consistent high performance is validated by industry data. According to LSEG, for the 10-year period ending December 31, 2025, HilltopSecurities ranked as the #2 Municipal Advisor in the nation based on the total number of issues it handled. This position places it among an elite group of firms that cities, states, and public agencies trust to guide their most critical financial decisions.

The firm's influence is also measured by its innovation. Over the years, it has garnered more than 30 “Deal of the Year” awards from The Bond Buyer, a prestigious honor that recognizes creativity and excellence in public finance. Recent awards highlight the complexity and impact of its work. In 2025, the firm was recognized for its role as lead financial advisor on a nearly $2 billion revenue bond for Dallas Fort Worth International Airport, the airport's largest-ever single-day financing. That same year, it advised on a first-of-its-kind prepaid energy deal in New York, saving the New York Power Authority's customers an estimated 10% on future electricity costs.

These awards are not merely accolades; they represent tangible progress. They signify the financing of new airport terminals, the construction of critical transportation corridors like Nebraska's Lincoln South Beltway, and the implementation of novel solutions that save taxpayer money and ensure the delivery of essential public services.

Navigating a Dynamic Financial Landscape

Maintaining a leadership position for 80 years requires more than just historical prestige; it demands constant adaptation. HilltopSecurities operates in a highly competitive municipal advisory space, contending with top-tier firms like PFM Financial Advisors and Public Resources Advisory Group. Its enduring success can be attributed to several key differentiators: a comprehensive service model that spans public finance, capital markets, and wealth management, combined with the deep institutional knowledge that comes from decades of experience.

Looking ahead, the firm's expertise will be crucial as the market evolves. HilltopSecurities' own analysts forecast a normalization of the municipal bond market in 2026, with an estimated $555 billion in total issuance. This follows two years of heightened activity, suggesting a shift toward a landscape defined more by fiscal discipline than by accelerated borrowing. In this environment, municipalities will likely prioritize structural balance and strategic planning, areas where seasoned financial advisors provide critical value.

The firm's strategy appears geared toward this future, focusing on providing holistic, long-term capital plans that consider a client's entire financial picture, from tax policies to political realities. This client-centric approach, aimed at building sustainable financial futures, has been a cornerstone of its longevity.

Beyond Bonds: A Commitment to Community

To commemorate its 80th anniversary, HilltopSecurities is looking both inward at its legacy and outward toward the communities it serves. The company has launched a new commercial to air in key markets and introduced a special anniversary logo that will be featured throughout 2026.

Perhaps most indicative of its values is the enhancement of its fifth annual Hilltop Hunt, a virtual trivia game for Texas teachers. In honor of its 80th year, the firm increased the total prize money from the traditional $50,000 to $80,000. This initiative provides a direct and tangible benefit to educators, reflecting a corporate philosophy that extends beyond financial transactions to active community engagement.

This blend of market leadership and community investment defines the modern identity of HilltopSecurities. As it celebrates eight decades, the firm stands as a powerful example of how financial institutions can serve as foundational partners in public progress, building not just portfolios, but the very infrastructure of American life.