National Holdings Corp. Announces Closing of Acquisition of Full-Service Investment Firm Winslow, Evans & Crocker, Inc.  

NEW YORK, NY, January 6, 2020 – National Holdings Corporation (NASDAQ: NHLD) (“National” or the “Company”), a leading full service independent brokerage, investment banking and asset management firm providing a wide array of services, announced the closing, on December 31, 2019, of the acquisition of Winslow, Evans & Crocker, Inc., an employee-owned full-service investment firm. As a result of this acquisition, National now has 717 registered representatives, and manages in excess of $15 billion of Assets Under Management.

Winslow, Evans & Crocker, Inc. (Winslow), is a Boston-based, full-service investment firm established in 1991. Winslow is an SEC Registered Investment Advisory and a FINRA registered broker-dealer. More than 50 financial professionals including Certified Financial Planners, Investment Advisors, Financial Consultants, brokers and other specialists are part of the Winslow team with over $2.5B in assets under management. Winslow has a top-tier trading desk, in-house life insurance agency and Capital Markets & Economic Research, offering clients leading-edge technology and a complete range of financial products. Located in the heart of the financial district in Boston, MA, Winslow is a strategic location for National to build out our banking platform.

Michael Mullen, Chairman and Chief Executive Officer of National stated, “We are extremely pleased to announce the closing of the acquisition of Winslow, Evans & Crocker. We believe this acquisition positions National for continued success in 2020.  We are extremely pleased to welcome new faces to our team and look forward to continuing to build National into a leader in the industry.”

Tina Maloney, Chairman of Winslow, Evans & Crocker stated, “We at Winslow are excited to join the National family of companies. From the very beginning of our conversations, this combination felt natural as National shares our culture and commitment to our clients. We believe this combination of our companies delivers superior and immediate value to National and Winslow, and we are excited to begin the journey together.”

About National Holdings Corporation

National Holdings Corporation (NHLD) is a full-service investment banking and asset management firm that, through its affiliates, provides a range of services, including independent retail brokerage and advisory services, investment banking, institutional sales and trading, equity research, financial planning, market making, tax preparation, insurance, to corporations, institutions, high net-worth and retail investors. With over 1000 advisors, registered reps, traders, sales associates and corporate staff, National Holdings operates through various subsidiaries including National Securities Corporation, National Asset Management, Inc., National Insurance Corporation, National Tax and Financial Services Inc. (formerly Gilman Ciocia, Inc.) and GC Capital Corporation. Formed as a holding company in 1999, National Holdings’ largest subsidiary National Securities Corporation has been in business since 1947. National Holdings is headquartered in New York and Florida. For more information, visit


Certain matters discussed in this press release, including, but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, our financial performance; financial condition; operations and services; prospects; acquisition synergies; growth and strategies, are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are based on management’s current expectations, estimates, projections, beliefs and assumptions about the Company, its current and prospective portfolio investments, and its industry. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control, difficult to predict and could cause actual results to differ materially from those expected or forecasted in such forward-looking statements. Actual developments and results are likely to vary materially from these estimates and projections as a result of a number of factors, including investor confidence may weaken, negatively affecting brokerage services revenue, investment banking revenue may be negatively affected if market conditions worsen, the value of our carried interest may decline prior to being recognized and other risks described from time to time in National’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and National undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.


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