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Lower Brule Tribe Buys N.Y. Financial Services Firm

By Westrock Group, Inc.

NEW YORK—Westrock Group, Inc., a New York-based financial services holding company with independent broker-dealer, asset management and wealth management subsidiaries, today announced that the firm has been acquired by the LBC Western Holdings, LLC, a company 100 percent owned by the Lower Brule Sioux Tribe, located in Lower Brule, S.D. With this transaction, Westrock Group becomes the first Native-American-owned, full-service financial services business.

"This is a landmark event for our tribe and for all American Indians," said Michael B. Jandreau, Chairman of the Lower Brule Sioux Tribe. "Over the past three years, we have gotten to know ... (the) team at Westrock and admire what they have accomplished. The Lower Brule Sioux Tribe has made an investment in Westrock to diversify our sources of revenue and participate directly in the United States capital markets. We believe this investment will make a significant contribution to our Tribe and other tribes throughout the nation as Westrock expands its institutional capabilities and continues its wealth management activities. We look forward to a long and productive relationship."

Through Westrock's Tribal Services Advisory group, Westrock will begin to provide financial advisory services to the Lower Brule Sioux Tribe and other tribes throughout the country. The Tribal Services Advisory group will be headed by Dennis Ickes, Director of Tribal Services. He will be joined by Dr. Gavin Clarkson, Director of Tribal Finance at Westrock, a professor of law at the University of Houston Law Center and a member of the Choctaw Nation of Oklahoma. Dr. Clarkson is one of the country's leading authorities on tribal financial matters.

"We're thrilled and honored to be part of this historic transaction," said Donald H. Hunter, Jr., Chief Executive Officer and President of Westrock. "Westrock is a nimble firm and we will take advantage of the new opportunities available in the evolving financial services sector. Becoming a 100 percent Native-American-owned firm will allow us to expand initiatives we've begun this year. ... We will extend our reach to institutions and improve our service offerings to all clients. Most important, we believe that Westrock will make a powerful contribution to the lives of the Lower Brule Sioux Tribe."

With the transaction, Jandreau will remain Chairman of LBC Western Holdings, LLC, the holding company for Westrock. Anthony Fenton will serve as Chairman of Westrock Group. Hunter will continue to serve as Chief Executive Officer and President of Westrock Group and its principal subsidiary, Westrock Advisors, and the current senior executive team will remain in place. The Board of Directors of LBC Western Holdings, LLC will consist of three representatives from the Lower Brule Sioux Tribe, Jandreau, John McCauley, Tribal Secretary and Council Member; Darrell Middletent, Council Member; and two representatives from Westrock Group, which are Fenton and Hunter.

Westrock will continue to operate as an independent broker-dealer with its brokerage, asset management and wealth management subsidiaries, and day-to-day operations unchanged.

About the Lower Brule Sioux Tribe:

The Lower Brule Sioux Tribe, the Kul Wicasa Oyate, are descendents of a large group of related families within the Lakota Nation who were the original inhabitants of the plains and prairies between the Rocky Mountains and the Great Lakes within the basin of the Missouri River.

Today, the Tribe resides on the Lower Brule Sioux Reservation in South Dakota. The tribe currently owns and operates several profitable businesses:

• Lakota Foods — a food manufacturer that includes one of the largest producers of popcorn
• Lower Brule Employment Enterprise — a construction company active on and off the Reservation
• Lower Brule Farm Corp. — involved in farming and ranching on 45,000 acre

This is a press release by Westrock Group, Inc. It was distributed by Business Wire.