Scottrade Bank to Close Santa Monica Branch on February 17th

Scottrade Bank NA has formally announced that it's branch on Wilshire Blvd near 5th Street is closing in February. Scottrade was purchased by TDA Bank/ TD Ameritrade last year, and two branches within 3 city blocks of each other are redundant.

Scottrade was a discount brokerage firm that operates both online and at branches. The company offers an electronic trading platform for the purchase and sale of financial securities including common stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed income investments. It also provides margin lending, and cash management services.

TD Ameritrade is a brokerage firm based in Omaha, Nebraska. The letters TD are derived from Toronto-Dominion Bank, the largest shareholder. The company provides services for individuals and institutions that are investing online. The company offers an electronic trading platform for the purchase and sale of financial securities including common stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed income investments. It also provides margin lending, and cash management services.

In October 2015, Scottrade revealed that, in late 2013 and early 2014, hackers accessed an encrypted database containing the personal records of more than 4.6 million clients, including names, street addresses, email addresses, social security numbers, and other sensitive account data. The company became aware of the breach when it was approached by Federal authorities who were investigating similar thefts at other financial service companies. As a precaution, Scottrade offered identity protection services to all affected customers.