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Northland Securities

Logo: northlandsecurities.com3

Northland Securities is an American investment firm based in Minneapolis, founded in 2002.1 Its website says: “Northland Equity Capital Markets is a full-service, research-driven capital markets group focused on growth companies and their institutional investors.”3 It is part of First National Bank of Omaha.1

Last updated Oct 21, 2026.

Overview

Oct 2002Founded1

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Corporate structure

Northland Securities is part of a group headed by First National Bank of Omaha. 10 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • First National Bank of Omaha Omaha, Nebraska, United States
    • Northland Securities Minneapolis, Minnesota, United States
    • Tributary Capital Management, LLC Subsidiary · Omaha, Nebraska, United States
      • Balanced Fund Fund · Omaha, Nebraska, United States
      • Income Fund Fund · Omaha, Nebraska, United States
      • Short-Intermediate Bond Fund Fund · Omaha, Nebraska, United States
      • Small Company Fund Fund · Omaha, Nebraska, United States
      • TRIBUTARY FUNDS, INC. Fund · Omaha, Nebraska, United States
      • Tributary Nebraska Tax-Free Fund Fund · Omaha, Nebraska, United States
      • Tributary Small/Mid Cap Fund Fund · Omaha, Nebraska, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.

Investment adviser

Northland Securities is registered with the SEC as an investment adviser. This is what it reports on Form ADV, the registration every adviser files and keeps current.

  • Assets it manages$405.5M4 1,192 accounts, $387.3M with discretion
  • Employees22 22 in investment advice or research
  • ClientsHigh net worth individuals: 484 ($319.3M); Individuals (other than high net worth individuals): 391 ($79.2M)
  • How it is paidA percentage of assets under its management; Hourly charges; Fixed fees (other than subscription fees); Other: NEGOTIATED
  • What it doesFinancial planning services; Portfolio management for individuals and/or small businesses; Selection of other advisers (including private fund managers); Other: RESEARCH SERVICES
  • Holds client assetsNo
  • RegistrationSEC 801-96329, CRD 40258 IAPD record

Who owns it

Owners of 5% or more as the firm lists them (Schedule A), and the owners of those owners up the chain (Schedule B).

  • NORTHLAND CAPITAL HOLDINGS, INC.owns 75% or more, since 01/2004
  • FIRST NATIONAL BANK OF OMAHAowns general partner, trustee or manager of JOHN R. LAURITZEN, since 12/1972
  • FIRST NATIONAL OF NEBRASKA, INC.owns 75% or more of NORTHLAND, since 05/2023
  • JOHN R. LAURITZEN IRREVOCABLEowns 25% to 50% of LAURITZEN, since 06/1984
  • LAURITZEN CORPORATIONowns 25% to 50% of FIRST NATIONAL OF, since 06/1997

Disciplinary record

The firm answered yes to 7 of the disciplinary questions on Form ADV (Item 11). A yes can concern the firm itself or an affiliate.

  • The SEC or the CFTC has found the firm or an advisory affiliate to have been involved in a violation of SEC or CFTC regulations or statutes.
  • The SEC or the CFTC has entered an order against the firm or an advisory affiliate in connection with investment-related activity.
  • The SEC or the CFTC has imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from any activity.
  • Any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority has found the firm or an advisory affiliate to have made a false statement or omission, or been dishonest, unfair, or unethical.
  • Any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority has found the firm or an advisory affiliate to have been involved in a violation of investment-related regulations or statutes.
  • In the past ten years, any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority has entered an order against the firm or an advisory affiliate in connection with an investment-related activity.
  • Any self-regulatory organization or commodities exchange has found the firm or an advisory affiliate to have been involved in a violation of its rules (other than a violation designated as a "minor rule violation" under a plan approved by the SEC).

Each event as the firm describes it on its Disclosure Reporting Pages:

NASD NATIONAL ASSOCIATION OF SECURITIES DEALERS · Mar 20, 2007 · fine $5,000 · final

Allegations: NASD RULE 606 NORTHLAND FAILED TO MAKE PUBLICLY AVAILABLE FOR THE 4TH CALENDAR QUARTER OF 2004 THROUGH THE THIRD CALENDAR QUARTER OF 2005 A COMPLETE REPORT ON ITS ROUTING OF NON-DIRECTED ORDERS IN COVERED SECURITEIS DURING THOSE QUARTERS.

Sanction: Civil and Administrative Penalt(ies) /Fine(s)

How it ended: Acceptance, Waiver & Consent(AWC)

Detail: $5,000 FINE

Summary: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS, THEREFORE THE FIRM WAS FINED $5000.00 WHICH WAS PAID ON OR ABOUT 3/20/2007.

Resolved: Mar 20, 2007

NASD NATIONAL ASSOCIATION OF SECURITIES DEALERS · Dec 11, 2006 · fine $10,000 · final

Allegations: NORTHLAND TRANSFERRED INVESTOR FUNDS FOR PRIVATE PLACEMENT OFFERINGS TO AN ESCROW ACCOUNT UNDER THE CONTROL OF AFFILATED COMPANY NORTHLAND TRUST SERVICES. NORTHLAND RELEASED INVESTOR FUNDS PRIOR TO CONTINGENCY BEING MET WITH BONA FIDE INVESTORS, AS DIRECTORS OR OFFICERS PARTICIPATED IN OFFERING AND THIS DISCLOSURE WAS NOT INCLUDED IN THE PPM

Sanction: Civil and Administrative Penalt(ies) /Fine(s)

How it ended: Acceptance, Waiver & Consent(AWC)

Detail: $10,000 PAID IN FULL ON 1/7/2007

Summary: WITHOUT OR ADMITTING OR DENYING THE FINDS, THE FIRM CONSENTED TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS, THEREFORE THE FIRM ACCEPTED THE FINE OF $10000.00 WHICH WAS PAID IN FULL ON 1/7/2007.

Resolved: Dec 21, 2006

FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) · Jul 15, 2010 · fine $5,000 · final

Allegations: THE FIRM WAS CITED FOR VARIOUS TRADE REPORTING VIOLATIONS DUE TO INCORRECT TRADE INDICATORS AND FAILURE TO DISCLOSE TRADE CAPACITY AND MARKET MAKER STATUS ON CUSTOMER CONFIRMATIONS. THE FIRM'S WRITTEN SUPERVISORY PROCEDURES WERE ALSO FOUND TO BE INADEQUATE.

Sanction: Civil and Administrative Penalt(ies) /Fine(s)

How it ended: Acceptance, Waiver & Consent(AWC)

Detail: FINE WAS PAID BY APPLICANT VIA CHECK ON JULY 19,2010

Summary: THE FIRM FOUND THAT MOST OF THE TRADE REPORTING VIOLATIONS WERE DUE TO MISUNDERSTANDING OF HOW THE SYSTEM WAS REPORTING TRADES AND ALSO THE REPORTS PROVIDED WERE NOT GOOD INDICATORS OF REPORTING PROBLEMS. THE FIRM HAS CORRECTED SYSTEM ISSUES AND HAVE SUBSCRIBED TO NASDAQ'S SYSTEM IN ORDER TO TRACK REPORTS IN REAL TIME. THE WRITTEN SUPERVISORY PROCEDURES WERE UPDATED AND PROVIDED TO FINRA FOR REVIEW AND WERE FOUND TO BE SATISFACTORY.

Resolved: Jul 15, 2010

THE NASDAQ STOCK MARKET LLC (NASDAQ) · May 12, 2010 · fine $7,500 · final

Allegations: THE FIRM FAILED TO CORRECTLY INDICATE WHETHER ORDERS WERE A BUY, SHORT SALE OR LONG SALE WHICH ARE VIOLATIONS OF NASDAQ RULE 4755.

Sanction: Civil and Administrative Penalt(ies) /Fine(s)

How it ended: Acceptance, Waiver & Consent(AWC)

Detail: APPLICANT WILL PAY THE FINE VIA CHECK AS SOON AS INVOICE IS RECEIVED FROM NASDAQ IN AUGUST 2010.

Summary: THE FIRM CORRECTED SYSTEM ISSUES AND UPDATED AND SUBSRIBED TO NASDAQ'S SERVICE TO BETTER MONITOR REPORTING, AS WELL AS, UPDATING WRITTEN SUPERVISORY PROCEDURES.

Resolved: Jul 15, 2010

UNITED STATES SECURITIES AND EXCHANGE COMMISSION · Sep 30, 2015 · fine $220,000 · final

Allegations: SEC ADMIN RELEASES 33-9946; 34-76043; SEPTEMBER 30, 2015: THE SECURITIES AND EXCHANGE COMMISSION DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED AGAINST NORTHLAND SECURITIES, INC. ("RESPONDENT"). RESPONDENT WILLFULLY VIOLATED SECTION 17(A)(2) OF THE SECURITIES ACT. THIS MATTER INVOLVES VIOLATIONS OF AN ANTIFRAUD PROVISION OF THE FEDERAL SECURITIES LAWS IN CONNECTION WITH RESPONDENT'S UNDERWRITING OF CERTAIN MUNICIPAL SECURITIES OFFERINGS. RESPONDENT, A REGISTERED BROKER-DEALER, CONDUCTED INADEQUATE DUE DILIGENCE IN CERTAIN OFFERINGS AND AS A RESULT, FAILED TO FORM A REASONABLE BASIS FOR BELIEVING THE TRUTHFULNESS OF CERTAIN MATERIAL REPRESENTATIONS IN OFFICIAL STATEMENTS ISSUED IN CONNECTION WITH THOSE OFFERINGS. THIS RESULTED IN RESPONDENT OFFERING AND SELLING MUNICIPAL SECURITIES ON THE BASIS OF MATERIALLY MISLEADING DISCLOSURE DOCUMENTS. THE VIOLATIONS WERE SELF-REPORTED BY RESPONDENT TO THE COMMISSION PURSUANT TO THE DIVISION OF ENFORCEMENT'S (THE "DIVISION") MUNICIPALITIES CONTINUING DISCLOSURE COOPERATION (MCDC) INITIATIVE.

Sanction: Cease and Desist

How it ended: Order

Detail: THE RESPONDENT SHALL CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A) (2)OF THE SECURITIES ACT, PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $220,000 AND COMPLY WITH THE UNDERTAKINGS ENUMERATED IN THE OFFER OF SETTLEMENT.

Summary: IN ANTICIPATION OF THE INSTITUTION OF THESE PROCEEDINGS, RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT (THE "OFFER") WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. SOLELY FOR THE PURPOSE OF THESE PROCEEDINGS AND ANY OTHER PROCEEDINGS BROUGHT BY OR ON BEHALF OF THE COMMISSION, OR TO WHICH THE COMMISSION IS A PARTY, AND WITHOUT ADMITTING OR DENYING THE FINDINGS, EXCEPT AS TO THE COMMISSION'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THESE PROCEEDINGS, WHICH ARE ADMITTED, RESPONDENT CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933 AND SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS AND A CEASE-AND- DESIST ORDER. IN VIEW OF THE FOREGOING, THE COMMISSION DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST TO IMPOSE THE SANCTIONS AGREED TO IN RESPONDENT'S OFFER. ACCORDINGLY, IT IS HEREBY ORDERED THAT RESPONDENT SHALL, CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF 17(A)(2)OF THE SECURITIES ACT; WITHIN TEN (10) DAYS OF THE ENTRY OF THIS ORDER, PAY A CIVIL MONEY PENALTY IN THE AMOUNT OF $220,000 TO THE SECURITIES AND EXCHANGE COMMISSION; AND RETAIN AN INDEPENDENT CONSULTANT TO CONDUCT A REVIEW OF RESPONDENT'S POLICIES AND PROCEDURES AS THEY RELATE TO MUNICIPAL SECURITIES UNDERWRITING DUE DILIGENCE.

Resolved: Sep 30, 2015

NASD NATIONAL ASSOCIATION OF SECURITIES DEALERS · Mar 20, 2007 · fine $5,000 · final

Allegations: NASD RULE 606 NORTHLAND FAILED TO MAKE PUBLICLY AVAILABLE FOR THE 4TH CALENDAR QUARTER OF 2004 THROUGH THE THIRD CALENDAR QUARTER OF 2005 A COMPLETE REPORT ON ITS ROUTING OF NON-DIRECTED ORDERS IN COVERED SECURITEIS DURING THOSE QUARTERS.

Sanction: Civil and Administrative Penalt(ies) /Fine(s)

How it ended: Acceptance, Waiver & Consent(AWC)

Detail: $5,000 FINE

Resolved: Mar 20, 2007

NASD NATIONAL ASSOCIATION OF SECURITIES DEALERS · Dec 11, 2006 · fine $10,000 · final

Allegations: NORTHLAND TRANSFERRED INVESTOR FUNDS FOR PRIVATE PLACEMENT OFFERINGS TO AN ESCROW ACCOUNT UNDER THE CONTROL OF AFFILATED COMPANY NORTHLAND TRUST SERVICES. NORTHLAND RELEASED INVESTOR FUNDS PRIOR TO CONTINGENCY BEING MET WITH BONA FIDE INVESTORS, AS DIRECTORS OR OFFICERS PARTICIPATED IN OFFERING AND THIS DISCLOSURE WAS NOT INCLUDED IN THE PPM

Sanction: Civil and Administrative Penalt(ies) /Fine(s)

How it ended: Acceptance, Waiver & Consent(AWC)

Detail: $10,000 PAID IN FULL ON 1/7/2007

Resolved: Dec 21, 2006

CBOE BZX EXCHANGE, INC. · Jul 17, 2018 · fine $7,500 · final

Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REGISTER ONE ASSOCIATED PERSON AS BOTH A SERIES 57 GENERAL SECURITIES REPRESENTATIVE AND SERIES 24 GENERAL SECURITIES PRINCIPAL WITH BZX. THE SAME ASSOCIATED PERSON WAS ALSO NOT QUALIFIED OR REGISTERED AS A SERIES 24 SECURITIES TRADER PRINCIPAL WITH BZX EVEN THOUGH THE PERSON HAD RESPONSIBILITY OVER SECURITIES TRADING ACTIVITIES ON BZX. ALTHOUGH THE PERSON HAD PASSED THE SERIES 24 EXAMINATION, THE PERSON HAD NOT PASSED THE SERIES 57 PREREQUISITE EXAMINATION. THE FINDINGS STATED THAT SEPARATELY, THE FIRM FAILED TO REGISTER A DIFFERENT ASSOCIATED PERSON, THE FIRM'S CHIEF COMPLIANCE OFFICER, AS A SERIES 7 GENERAL SECURITIES REPRESENTATIVE WITH BZX. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO FOLLOW ITS WRITTEN SUPERVISORY PROCEDURES TO ENSURE THAT ITS ASSOCIATED PERSONS WERE PROPERLY REGISTERED WITH THE EXCHANGE.

How it ended: Acceptance, Waiver & Consent(AWC)

Detail: THE SUPERVISORY STRUCTURE WAS REVISED AND A QUALIFIED SERIES 24 SECURITIES TRADER PRINCIPAL IS NOW SUPERVISING THE TRADING DESK ACTIVITIES.

Summary: THE FIRM WAS CENSURED, FINED $7,500 AND REQUIRED TO ENSURE THAT THE ASSOCIATED PERSON DISCUSSED IN THE AWC BECOMES QUALIFIED AND REGISTERED AS A SERIES 24 SECURITIES TRADER PRINCIPAL WITH BZX, ASSUMING THE FIRM INTENDS FOR THE ASSOCIATED PERSON TO HAVE A ROLE IN SUPERVISING THE TRADING ACTIVITIES OF THE FIRM ON BZX GOING FORWARD. UNTIL THIS ASSOCIATED PERSON BECOMES QUALIFIED AND REGISTERED AS A SERIES 24 SECURITIES TRADER PRINCIPAL, THE INDIVIDUAL SHALL HAVE NO ROLE IN SUPERVISING THE FIRM'S TRADING ACTIVITIES ON BZX. THE FIRM SHALL INFORM FINRA THAT THE ASSOCIATED PERSON BECAME QUALIFIED AND REGISTERED AS A SERIES 24 SECURITIES TRADER PRINCIPAL WITH BZX. ALTERNATIVELY, IF THE FIRM DECIDES THAT THE ASSOCIATED PERSON SHALL NOT HAVE A ROLE IN SUPERVISING THE FIRM'S TRADING ACTIVITIES ON BZX GOING FORWARD, THE INFORMATION TO FINRA SHALL PROVIDE NOTICE OF THAT DECISION AND THE DATE OF THAT DECISION. THE DECISION IN THIS MATTER IS FINAL 20 BUSINESS DAYS AFTER THE ISSUANCE OF THE DECISION. THEREFORE, THIS AWC WILL BECOME FINAL AUGUST 14, 2018. PAYMENT WAS REMITTED ON 7/26/2018. THE SUPERVISORY STRUCTURE WAS REVISED AND A QUALIFIED SERIES 24 SECURITIES TRADER PRINCIPAL IS NOW SUPERVISING THE TRADING DESK ACTIVITIES.

Resolved: Jul 26, 2018

CBOE BYX EXCHANGE, INC. · Jul 17, 2018 · fine $7,500 · final

Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REGISTER ONE ASSOCIATED PERSON AS BOTH A SERIES 7 GENERAL SECURITIES REPRESENTATIVE AND SERIES 24 GENERAL SECURITIES PRINCIPAL WITH BYX. THE SAME ASSOCIATED PERSON WAS ALSO NOT QUALIFIED OR REGISTERED AS A SERIES 24 SECURITIES TRADER PRINCIPAL WITH BYX EVEN THOUGH THE PERSON HAD RESPONSIBILITY OVER SECURITIES TRADING ACTIVITIES ON BYX. ALTHOUGH THE PERSON HAD PASSED THE SERIES 24 EXAMINATION, THE PERSON HAD NOT PASSED THE SERIES 57 PREREQUISITE EXAMINATION. THE FINDINGS STATED THAT SEPARATELY, THE FIRM FAILED TO REGISTER A DIFFERENT ASSOCIATED PERSON, THE FIRM'S CHIEF COMPLIANCE OFFICER, AS A SERIES 7 GENERAL SECURITIES REPRESENTATIVE WITH BYX. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TO FOLLOW ITS WRITTEN SUPERVISORY PROCEDURES TO ENSURE THAT ITS ASSOCIATED PERSONS WERE PROPERLY REGISTERED WITH THE EXCHANGE.

How it ended: Acceptance, Waiver & Consent(AWC)

Detail: THE SUPERVISORY STRUCTURE WAS REVISED AND A QUALIFIED SERIES 24 SECURITIES TRADER PRINCIPAL IS NOW SUPERVISING THE TRADING DESK ACTIVITIES.

Summary: THE FIRM WAS CENSURED, FINED $7,500 AND REQUIRED TO ENSURE THAT THE ASSOCIATED PERSON DISCUSSED IN THE AWC BECOMES QUALIFIED AND REGISTERED AS A SERIES 24 SECURITIES TRADER PRINCIPAL WITH BYX, ASSUMING THE FIRM INTENDS FOR THE ASSOCIATED PERSON TO HAVE A ROLE IN SUPERVISING THE TRADING ACTIVITIES OF THE FIRM ON BYX GOING FORWARD. UNTIL THIS ASSOCIATED PERSON BECOMES QUALIFIED AND REGISTERED AS A SERIES 24 SECURITIES TRADER PRINCIPAL, THE INDIVIDUAL SHALL HAVE NO ROLE IN SUPERVISING THE FIRM'S TRADING ACTIVITIES ON BYX. THE FIRM SHALL INFORM FINRA THAT THE ASSOCIATED PERSON BECAME QUALIFIED AND REGISTERED AS A SERIES 24 SECURITIES TRADER PRINCIPAL WITH BYX. ALTERNATIVELY, IF THE FIRM DECIDES THAT THE ASSOCIATED PERSON SHALL NOT HAVE A ROLE IN SUPERVISING THE FIRM'S TRADING ACTIVITIES ON BYX GOING FORWARD, THE INFORMATION TO FINRA SHALL PROVIDE NOTICE OF THAT DECISION AND THE DATE OF THAT DECISION. THE DECISION IN THIS MATTER IS FINAL 20 BUSINESS DAYS AFTER THE ISSUANCE OF THE DECISION. THEREFORE, THIS AWC WILL BECOME FINAL AUGUST 14, 2018. PAYMENT WAS REMITTED 7/26/2018. THE SUPERVISORY STRUCTURE WAS REVISED AND A QUALIFIED SERIES 24 SECURITIES TRADER PRINCIPAL IS NOW SUPERVISING THE TRADING DESK ACTIVITIES.

Resolved: Jul 26, 2018

OFFICE OF THE COMPTROLLER OF THE CURRENCY · Aug 16, 2016 · fine $3,000,000 · final about FIRST NATIONAL BANK OF

Allegations: THE OCC ALLEGED THAT FNBO ENGAGED IN UNFAIR BILLING PRACTICES WITH REGARD TO IDENTITY PROTECTION PRODUCTS THAT RESULTED IN VIOLATIONS OF SECTION S OF THE FEDERAL TRADE COMMISSION ACT.

Sanction: Cease and Desist

How it ended: Stipulation and Consent

Detail: WITHOUT ADMITTING OR DENYING THE OCC ALLEGATIONS, FNBO AGREED TO CEASE AND DESIST FROM VIOLATING SECTION 5 OF THE FTC ACT AND TO PAY A CIVIL MONETARY PENALTY OF $3,000,000 AND MAKE FULL REIMBURSEMENTS TO ELIGIBLE CUSTOMERS. BOTH THE OCC AND CFPB TOGETHER HAVE JOINTLY ORDERED THE REPAYMENT TO CUSTOMERS WHICH IS ESTIMATED TO TOTAL $27.75 MILLION. FINALLY, FNBO AGREED TO THE IMPOSITION OF CERTAIN REMEDIAL MEASURES IN THE AREAS OF THIRD-PARTY VENDOR MANAGEMENT AND UNFAIR AND DECEPTIVE ACTS AND PRACTICES RISK MANAGEMENT.

Summary: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS AS HIGHLIGHTED ABOVE IN ITEM 7, FNBO AGREED TO SANCTIONS IMPOSED AS DESCRIBED ABOVE IN ITEM 12.

Resolved: Aug 16, 2016

CONSUMER FINANCIAL PROTECTION BUREAU · fine $4,500,000 · final about FIRST NATIONAL BANK OF

Allegations: THE CFPB ALLEGED THAT FNBO ENGAGED IN UNFAIR BILLING AND ENROLLMENT PRACTICES WITH RESPECT TO DEBT CANCELLATION AND CREDIT MONITORING PRODUCTS THAT RESULTED IN VIOLATIONS OF SECTIONS 1031 AND 1036 OF THE CONSUMER FINANCIAL PROTECTION ACT OF 2010.

Sanction: Civil and Administrative Penalt(ies) /Fine(s)

How it ended: Stipulation and Consent

Detail: WITHOUT ADMITTING OR DENYING THE CFPB ALLEGATIONS, FNBO, PURSUANT TO THE ORDER, AGREED TO PAY A CIVIL MONETARY PENALTY OF $4,500,000 AND MAKE FULL REIMBURSEMENTS TO ELIGIBLE CUSTOMERS. BOTH THE OCC AND CFPB TOGETHER HAVE JOINTLY ORDERED THE REPAYMENT TO CUSTOMERS WHICH IS ESTIMATED TO TOTAL $27.75 MILLION. FINALLY, FNBO AGREED TO THE IMPOSITION OF CERTAIN REMEDIAL MEASURES IN THE AREAS OF ADD-ON PRODUCTS, SERVICE PROVIDER MONITORING AND UNFAIR AND DECEPTIVE ACTS AND PRACTICES RISK MANAGEMENT.

Summary: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS AS HIGHLIGHTED ABOVE IN ITEM 7, FNBO AGREED TO SANCTIONS IMPOSED AS DESCRIBED ABOVE IN ITEM 12. No Information Filed

Resolved: Aug 25, 2016

In its own words: the client brochure

Form ADV Part 2A, the plain-English document an adviser must give its clients, quoted as filed 3/27/2026.5 It covers the firm’s services, fees, investment strategies and their risks, and its conflicts of interest. The firm also files 2 other brochures.

Item 4: Advisory business Services

Description of Advisory Firm Northland Asset Management (NAM) is the trade name used by Northland Securities, Inc., (Northland) for its investment advisory business. Northland Securities is registered with the SEC and MSRB as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Northland Securities, Inc. is privately held by First National of Nebraska, Inc. (FNNI). First National of Nebraska, Inc. (“FNNI”) is a multi-state holding company that owns, among other entities, First National Bank of Omaha. Northland will operate as a separate subsidiary under FNNI.

Advisory Services Offered This Brochure relates to the receipt of compensation for services of receiving affiliate or third-party research reports (“Advisory Research Services”). Such services are limited to the distribution of impersonal research created by our broker-dealer and approved for institutional investors. The firm provides NAM Research Services for a fee to certain institutional clients (“Advisory Research Clients”). Advisory Research Services may include any or all the following: (1) written equity research reports prepared by our affiliates, (2) research-related communications from affiliate research analysts relating to such research reports, (3) direct access to affiliate research analysts, and (4) corporate access or meetings with company. Advisory Research Services are not customized for any institutional client. Advisory Research Services is strictly limited to the receipt of Advisory Research Services and does not include trade execution or other brokerage services. It does not include any services or communications provided by any institutional sales representatives. We do not provide investment advice or maintain accounts for Advisory Research Client. We do not have custody of any Advisory Research Client assets or securities. Should any Advisory Research Clients require or desire trade-related services, they may receive those services through our affiliate broker-dealer Northland Securities and handled solely in a broker-dealer capacity. Advisory Research Services do not include any services or communications by Northland’s Equity Sales or Equity Trading personnel. No activities related to execution services are directly or indirectly attributable to Advisory Research Services.

Research Products and Services Services to clients are through the distribution of affiliate research providers by obtaining certain research products. In turn Advisory Research Services provides services that include, but are not limited to, written reports on individual companies, compendium reports with multiple companies, reports on industries or sectors, communications on market, political, or economic conditions, and other matters relevant to investment analysis. Advisory Research Services include direct access to affiliate research analysts, financial models, and meetings with company management. All Services are distributed as-is, with a generalized view to broad, sophisticated institutional clients. No Services are tailored to any specific client objective or strategy.

We offer meetings with our affiliate research analysts. Meetings are available individually or in small groups, but the content is not tailored to specific meeting participants. As discussed above, research analyst content is intended for broad institutional audiences and does not purport to address any specific objective or strategy. Research Advisory Services are not provided to any retail or non-institutional investors, and discretionary or nondiscretionary investment advisory services are not provided as a part of Research Advisory Services. Research Advisory Services are not tailored to individual portfolios and does not make considerations for any one client’s investment objectives or goals.

Assets Under Management Not applicable. We do not provide investment advice or maintain accounts for Advisory Research Clients.

Item 5: Fees and compensation Fees

Fee Schedule and Billing We provide Advisory Research Services for a fee. Research Advisory Services has no set fee schedule. Fees for such services are determined on a negotiated basis and invoiced in arrears. Fees are due upon receipt. Neither Northland nor any institutional investor, incur any obligation to any broker-dealer to pay for research by generating trading commissions. All Research Advisory Services fees paid are exclusively for those services.

Item 8: Methods of analysis, investment strategies and risk of loss Investment strategies and risks

Methods of Analysis Research analysts prepare reports by studying the industry and the company, employing various methods of analysis, and utilizing numerous sources of information. Analysts will utilize sources of information such as regulatory filings, press releases, earnings calls and announcements, news articles, litigation or legal issues, discussions with company management, conduct channel checks with suppliers, customers, and other industry sources. Analysts will analyze historical trends, forecasts, projections, strength of the management team, competitors, and product pipeline. Analysts prepare financial models, run historical and forecasted results through a model, and arrive at a valuation through various methods, including sum-of-the-parts and discounted cash flow analysis.

Investment Strategies Research Advisory Services are not tailored to individual portfolios and do not make considerations for any one client’s investment objectives or goals. No investment strategies are offered. RISK OF LOSS Investing in securities involves risk and may result in losses. Investors should be prepared to bear any losses that may result from those investments. Research Advisory Services as a whole and in part are provided on a standalone basis. Services do not consider the totality of information being received by Research Advisory Clients. Clients may receive information from various sources, reports, trade recommendations from affiliates or nonaffiliates. Research Advisory Services are not tailored and do not consider any client’s objective or goals. Research Advisory Services may provide information that conflicts with other information received as part of Services or affiliate relationships or recommendations. No assurances can be made regarding the reports, projections, or analysis. Research Services Clients should consider all information, factors, and objectives when investing in securities. Past results of Northland’s research products and services are not necessarily indicative of future performance.

Item 7: Types of clients

Types of Clients Research Advisory Services are provided to institutional clients only. Institutional investors as defined by FINRA 4512(c), "institutional account" shall mean the account of: 1. a bank, savings and loan association, insurance company or registered investment company. 2. an investment adviser registered either with the SEC under Section 203 of the Investment Advisers Act or with a state securities commission); or 3. any other person (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million.

Item 10: Other financial industry activities and affiliations Conflicts of interest

Dual Registration as a Broker-Dealer Our affiliate is Northland Securities Inc., a full-service broker dealer, member FINRA/SIPC, registered with SEC and MSRB. A segment of its principal business includes market making, acting as a primary dealer of municipal securities, equities, underwriting corporate debt and equity securities, placement of private investments in public securities (PIPEs), and provides investment banking and corporate advisory services. All Advisory Research Services are intended to be exempt from the principal and agency trading restrictions under Section 206(3) and 206(3)-1 of the Investment Advisers Act of 1940. Advisory Research Clients are hereby notified that Northland Securities may act as principal or agent in connection of any subject security provided through Advisory Research Services. As stated above Advisory Research Services do not include execution or brokerage services.

Item 11: Code of ethics, participation or interest in client transactions and personal trading Conflicts of interest

NAM has established a standard of conduct for its advisory personnel, which is outlined in the Northland Asset Management Code of Ethics. The Code outlines our way of doing business, which is to serve our clients with honesty, integrity, and competence. The Code addresses areas where a conflict of interest may arise and provides guidance in these areas. Some conflicts of interest arise from the personal trading of the advisory personnel. Northland has put in place the following restrictions to ensure its fiduciary responsibilities: No associated person of NAM shall put his or her own interest ahead of an advisory client. Investment opportunities must be offered first to clients before NAM, or its associated persons may participate in such transactions. Associated persons or their immediate family members shall not buy or sell securities for their personal portfolio(s) where their decision is derived in whole or in part, by reason of the associated person's employment, unless the information is also available to the investing public upon reasonable inquiry. NAM and its employees will not participate in private placements or initial public offerings (IPOs) without prior approval from Northland’s senior management. NAM requires that all individuals must act in accordance with all applicable federal and state regulations governing registered investment advisory practices. Records will be maintained of all securities bought or sold by NAM and its associated persons. A qualified representative of NAM will review these records on a regular basis. Any individual not in observance of the above may be subject to disciplinary action up to and including termination. The full text of NAM’s Code of Ethics is available to you upon request.

Item 12: Brokerage practices Conflicts of interest

Northland has written supervisory procedures surrounding soft-dollar arrangements.

Item 9: Disciplinary information

Disciplinary Information Northland has no legal or disciplinary matters that would be considered material to a client’s or prospective client’s assessment of our advisory business or the integrity of our management team. However, Northland’s broker-dealer has been subject to disciplinary action due to some inaccurate books and records in relation to equity trading and investment banking activity. The Firm also was subject to an enforcement action for the Municipal Continuing Disclosure review. A full description of these violations can be found in the Investors section of the Financial Industry Regulatory Authority’s (“FINRA”) web site by accessing their BrokerCheck® link, which can be found at: http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/ . Or you may request a copy of the disciplinary action by sending a request to the following address: Northland Securities, Inc. Attn: Compliance 150 South 5th Street Suite 3300

Minneapolis, MN 55402

Item 13: Review of accounts

Managed Account Reviews and Account Reporting

Subsidiaries and ownership

Parent company

Owners

From Wikidata.1

Timeline

  1. Oct 2002Founded Founded1

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$3.1M 2020–2020
Money received by yearMoney received by year, 2020–2020: $3.1M in all. PPP loans $3.1M.$0$1M$2M$3M$4M2020 · PPP loans: $3.1M2020
Figures by year
YearPPP loansTotal
2020$3.1M$3.1M

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA6. Matched to this company by name and state.

  1. Apr 14, 2020$3.1M PPP loan (first draw) from BankVista6To NORTHLAND SECURITIES, INC., Minneapolis MN; $3.1M forgiven Jun 9, 2021

Sources

The numbers on this page point here. Each one links to the record it came from.

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