Spokane Brokerages Will Join Forces
The principals of Phelps & Woodhead Inc. have agreed to combine the Spokane investment brokerage with D.A. Davidson & Co.
John Woodhead Sr., John Woodhead Jr. and Eric Allen will join Davidson, as will their support staff.
The consolidation will bring Davidson’s total Spokane-area employment to 50. The company has offices downtown, on the South Hill and in the Spokane Valley.
John Woodhead Jr. said changes in the investment industry were creating a demand for services small brokerages like Phelps & Woodhead could not provide.
“While this has not been an easy decision to make, we are confident that we have made the right decision for our clients and the employees,” he said in a prepared statement.
The 20-year-old firm owns its building at 239 W. Main. Woodhead said the partners will look for a tenant after the move into Davidson’s quarters next month.