# EDGAR Filing Document

**Accession Number:** 0000312603
**File Stem:** 0000312603-23-000001
**Filing Date:** 2023-2
**Character Count:** 18283
**Document Hash:** 6347beee87fec6430600a0281e2c78ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000312603-23-000001.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0000312603-23-000001

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CREWS & ASSOCIATES, INC.
- **CENTRAL INDEX KEY:** 0000312603
- **IRS NUMBER:** 710522369
- **STATE OF INCORPORATION:** AR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-00588
- **FILM NUMBER:** 23737066

**BUSINESS ADDRESS:**
- **STREET 1:** 521 PRESIDENT CLINTON AVENUE
- **STREET 2:** SUITE 800
- **CITY:** LITTLE ROCK
- **STATE:** AR
- **ZIP:** 72201-1729
- **BUSINESS PHONE:** 501-907-2000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 1696
- **CITY:** LITTLE ROCK
- **STATE:** AR
- **ZIP:** 72203-1696

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CREWS & ASSOCIATES INC                                  /BD
- **DATE OF NAME CHANGE:** 20000101

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0000312603

**Filer CCC:** XXXXXXXX

**Contact Name:** Walter D. Lomax III

**Contact Phone:** 5019787915

**Contact Email:** blomax@crewsfs.com

**Notification Emails:** scott@fsbeardsley.com, blomax@crewsfs.com

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** CREWS & ASSOCIATES, INC.

**&nbsp;&nbsp;&nbsp;Organization CRD No.:** 8052

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** Yes

**C. IRS Employer Identification Number:** 71-0522369

**D. Registrations:**

- **Municipal Advisor (Temporary):** SEC File No: 866-00119-00

- **Municipal Advisor:** SEC File No: 867-00588

- **Broker-Dealer:** SEC File No: 008-24075, CRD No: 8052

- **SEC-Registered Investment Adviser:** CRD No: 8052

**E. Principal Office and Place of Business:** 521 PRESIDENT CLINTON AVENUE, SUITE 800, LITTLE ROCK, AR, 72201-1729

**Telephone Number:** 501-907-2000

**Additional Offices of Employment:**

- **Office #1 (Delete):** 300 Summers Street, Suite 1500, Charleston, WV, 25301 | Phone: 304-344-1733

- **Office #2 (Add):** 606 Clay Street, Montgomery, AL, 36104 | Phone: 334-832-1988

- **Office #3 (Add):** 9335 Ellerbe Rd., Shreveport, LA, 71106 | Phone: 318-455-4705

- **Office #4 (Add):** 1165 East Joyce Blvd, Fayetteville, AR, 72703 | Phone: 479-927-4123

- **Office #5 (Add):** 69 Clay Street, Suite 202, Morgantown, WV, 26501 | Phone: 3042926600

**Mailing Address is Different from Principal Office:** No

**F. Website:** http://www.crewsfs.com/

**G. Chief Compliance Officer (CCO):**

**Name:** Damon Christian Meyer

**Titles:** Chief Compliance Officer

**Address:** 521 President Clinton Avenue, Suite 800, Little Rock, AR, 72201

**Phone Number:** 501-978-7955

**Email:** dmeyer@crewsfs.com

**H. Business Affiliates:**

- **Name:** First Security Bancorp

  - **Issuing Agency:** Federal Reserve

  - **Jurisdiction:** 

- **Name:** First Security Finance, Inc.

- **Name:** First Security Bank

  - **Issuing Agency:** Federal Deposit Insurance Corporation

  - **Jurisdiction:** 

- **Name:** Crews Core Holding Company

  - **Issuing Agency:** State of Arkansas

  - **Jurisdiction:** AR

**I. Location of Books and Records:** No

### Item 2: Form of Organization

**A. Applicant's form of organization:** Corporation

**B. Month of Applicant's Annual Fiscal Year End:** December

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** AR

**D. Date of Organization:** 07-06-1979

**E. Is the applicant a public reporting company?:** No

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 132

**B. Municipal Advisory Activities - Employees:** 17

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 17

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 0

**D. Public Relations Company?:** No

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 130

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Contingent Fees
, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice Investment Of Proceeds MS, Advice ME Investments, Advice ME Other Investments, Advice On Selection

### Item 5: Other Business Activities

- **Broker-Dealer:** Actively Engaged: Yes, Primary Business: Yes

- **Insurance:** Actively Engaged: Yes, Primary Business: —

- **Investment Advisor:** Actively Engaged: Yes, Primary Business: —

**Is applicant engaged in any other non-municipal advisor business?** No

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** 

**Total Associated Persons:** 0

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** No

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** No

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** No

- **Recommend to clients products/services of an affiliated person?:** Yes

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** No

- **Have discretionary authority to buy/sell municipal securities for clients?:** No

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** No

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** Yes

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** No

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** Yes

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** No

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** No

- **SEC/CFTC Found Violation?:** Yes

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** Yes

- **SEC/CFTC Imposed Civil Penalty?:** Yes

- **SRO Found Unethical Conduct?:** No

- **SRO Found Violation?:** Yes

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** Yes

- **SRO Denied/Suspended/Revoked Registration?:** No

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** Yes

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** No

- **Authorization to Act as Attorney/Accountant Revoked?:** No

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** No

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** Yes

### Schedule A: Direct Owners and Executive Officers

| Name                   | Title/Status                                       | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| First Security Bancorp | 100% owner                                         | 05-01-2000      | E - 75% or more   | Yes               | 71-0550492   |  |
| John Reynolds Rutledge | Chairman of parent company: First Security Bancorp | 05-01-2000      | NA - less than 5% | Yes               |  | 4440855      |
| James Stephen Jones    | President                                          | 01-24-2020      | NA - less than 5% | Yes               |  | 502536       |
| Donald Ray Winton      | Chief Compliance Officer                           | 01-24-2020      | NA - less than 5% | Yes               |  | 867084       |
| Joseph Parrot Bumpers  | Chief Financial Officer                            | 11-27-2000      | NA - less than 5% | Yes               |  | 4336359      |
| Donald Thompson Jack   | Director                                           | 05-01-2000      | NA - less than 5% | Yes               |  | 4440861      |
| Dennis Charles Clay    | Chief Executive Officer                            | 12-24-2019      | NA - less than 5% | Yes               |  | 1233857      |

### Schedule B: Indirect Owners

| Owning Entity          | Name                   | Title/Status   | Date Acquired   | Ownership Code   | Control Person?   |
|:---|:---|:---|:---|:---|:---|
| First Security Bancorp | John Reynolds Rutledge | Chairman       | 01-01-1981      | E - 75% or more  | Yes               |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity              | Name                       | Title/Status                                                                                           | Date Acquired   | Ownership Code                                          | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Amend  | Direct      |  | Crews Core Holding Company | 100% owner                                                                                             | 01-13-2022      | E - 75% or more                                         | Yes               | 88-2453800   |  |
| NewAdd | Indirect    | Crews Core Holding Company | First Security Bancorp     | 100% owner                                                                                             | 01-13-2022      | E - 75% or more                                         | Yes               | 88-2453800   |  |
| Delete | Direct      |  | John Reynolds Rutledge     | Chairman of parent company: First Security Bancorp                                                     | 05-01-2000      | NA - less than 5%                                       | Yes               |  | 4440855      |
|  | Direct      |  | James Stephen Jones        | President                                                                                              | 01-24-2020      | NA - less than 5%                                       | Yes               |  | 502536       |
| Delete | Direct      |  | Donald Ray Winton          | Chief Compliance Officer                                                                               | 01-24-2020      | NA - less than 5%                                       | Yes               |  | 867084       |
|  | Direct      |  | Joseph Parrot Bumpers      | Chief Financial Officer                                                                                | 11-27-2000      | NA - less than 5%                                       | Yes               |  | 4336359      |
| Delete | Direct      |  | Donald Thompson Jack       | Director                                                                                               | 05-01-2000      | NA - less than 5%                                       | Yes               |  | 4440861      |
|  | Direct      |  | Dennis Charles Clay        | Chief Executive Officer                                                                                | 12-24-2019      | NA - less than 5%                                       | Yes               |  | 1233857      |
| NewAdd | Direct      |  | Scott Arthur Beardsley     | and Secretary of the Board of Crews Core Holding Company                                               | 01-13-2022      | NA - less than 5%                                       | Yes               |  | 2349866      |
| Amend  | Indirect    | First Security Bancorp     | John Reynolds Rutledge     | 12.240 % owner, and Chairman of First Security Bancorp, and Chairman of Crews Core Holding Company     | 01-13-2022      | F - Other (general partner, trustee, or elected member) | Yes               |  | 4440855      |
| NewAdd | Indirect    | First Security Bancorp     | Nathan Thomas Rutledge     | 12.686 % owner and Secretary of First Security Bancorp, and Board member of Crews Core Holding Company | 01-13-2022      | F - Other (general partner, trustee, or elected member) | Yes               |  | 5710030      |
| NewAdd | Indirect    | First Security Bamcorp     | John Reynolds Rutledge Jr. | 12.686 % owner in First Security Bancorp                                                               | 12-24-2019      | F - Other (general partner, trustee, or elected member) | No                |  | 4199052      |
| NewAdd | Indirect    | First Security Bancorp     | Adam Mills Rutledge        | 12.686 % owner in First Security Bancorp                                                               | 12-24-2019      | F - Other (general partner, trustee, or elected member) | No                |  | 000000000    |

### Disclosure Reporting Pages (DRPs)

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 1666788

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 1607973

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 1502716

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 1382016

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 1310509

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 655763

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 182368

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 230968

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 146228

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 124532

**Regulatory DRP for: Applicant (Responding to Questions: 9-C1, 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 1805320

**Regulatory DRP for: Applicant (Responding to Questions: 9-C1, 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 1826119

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2, 9-D4)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 2028408

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Crews & Associates, Inc.

- **CRD Number:** 8052

- **Disclosure Number:** 3-20480

  - **Associated Person:** Rush Flowers Harding

  - **CRD Number:** 501131

  - **Filed On (AP):** Form ADV/BD/U4 for Crews & Associates, Inc.

  - **Disclosure Number:** 3-20480

### Execution Page

**Signature:** Walter D. "Butch" Lomax

**Signer Name:** Walter D. "Butch" Lomax

**Title:** Senior Compliance Officer

**Date:** 02-10-2023

**CRD Number:** 5652723