# EDGAR Filing Document

**Accession Number:** 0002041221
**File Stem:** 0002041221-25-000021
**Filing Date:** 2025-9
**Character Count:** 14017
**Document Hash:** a475a1a49961874a98ac2c9e360018be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002041221-25-000021.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0002041221-25-000021

**CONFORMED SUBMISSION TYPE**: MA/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Security Municipal Advisors, Inc.
- **CENTRAL INDEX KEY:** 0002041221

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** AR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-02727
- **FILM NUMBER:** 251492848

**BUSINESS ADDRESS:**
- **STREET 1:** 501 PRESIDENT CLINTON AVE
- **CITY:** LITTLE ROCK
- **STATE:** AR
- **ZIP:** 72201
- **BUSINESS PHONE:** 5019072000

**MAIL ADDRESS:**
- **STREET 1:** 501 PRESIDENT CLINTON AVE
- **CITY:** LITTLE ROCK
- **STATE:** AR
- **ZIP:** 72201

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

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0002041221

**Filer CCC:** XXXXXXXX

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

**Contact Phone:** 5019787915

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

**Notification Emails:** scott@fsbeardsley.com, ainverso@muniadvisors.com

### Type of Filing

**Selected Filing Type:** Amendment

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** First Security Municipal Advisors, Inc.

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

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

**B. Doing-Business-As (DBA) Name:** Phoenix Advisors

**&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:** 33-1383623

**D. Registrations:**

- **Municipal Advisor:** SEC File No: 867-02727

**E. Principal Office and Place of Business:** 501 PRESIDENT CLINTON AVE, LITTLE ROCK, AR, 72201

**Telephone Number:** 5019072000

**Additional Offices of Employment:**

- **Office #1 (Add):** 625 Farnsworth Avenue, Bordentown, NJ, 08505 | Phone: 6092910130

- **Office #2 (Add):** 2000 Waterview Drive, Suite 101, Hamilton, NJ, 08691 | Phone: 609-291-0130

- **Office #3 (Add):** 53 River Street, Suite One, Milford, CT, 06460 | Phone: 203-878-4945

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

**F. Website:** —

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

**Name:** Walter Devillers Lomax

**Address:** 521 President Clinton Ave, Little Rock, AR, 72201

**Phone Number:** 5019787915

**Email:** blomax@crewsfs.com

**H. Business Affiliates:**

- **Name:** First Security Bancorp

  - **Issuing Agency:** Federal Reserve

  - **Jurisdiction:** 

- **Name:** First Security Finance

- **Name:** First Security Bank

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

  - **Jurisdiction:** 

- **Name:** Crews Core Holding Company

  - **Issuing Agency:** State of Arkansas

  - **Jurisdiction:** AR

- **Name:** Financial Management Inc.

  - **Issuing Agency:** United States Security and Exchange Corporation

  - **Jurisdiction:** 

- **Name:** Crews & Associates, Inc.

  - **Issuing Agency:** Financial Industry Regulatory Authority

  - **Jurisdiction:** 

**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:** 09-20-2024

**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:** 17

**B. Municipal Advisory Activities - Employees:** 14

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 2

**&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:** 0

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities, Non-profit organizations, Corporations or other businesses

**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):** 
Hourly Charges
Fixed Fees
Contingent Fees
, Hourly Charges, Fixed 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 Guaranteed IC, Advice Use Of MD, Advice On Selection, Other

### Item 5: Other Business Activities

**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:** Broker-dealer municipal securities dealer or government securities broker or dealer, Broker-dealer municipal securities dealer or government securities broker or dealer, Broker-dealer municipal securities dealer or government securities broker or dealer, Broker-dealer municipal securities dealer or government securities broker or dealer

**Total Associated Persons:** 3

### 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?:** No

- **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?:** No

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** —

- **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?** No

**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?:** No

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

- **SEC/CFTC Entered Order?:** No

- **SEC/CFTC Imposed Civil Penalty?:** No

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

- **SRO Found Violation?:** No

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

- **SRO Barred/Suspended/Fined > $2,500?:** No

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

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

- **Foreign Authority Found Violation?:** No

- **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?** Yes

**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   |
|:---|:---|:---|:---|:---|:---|:---|
| Crews Core Holding Company | 100 %  Owner                                   | 09-20-2024      | NA - less than 5% | Yes               | 88-2453800   |  |
| Dennis Charles Clay        | Chief Executive Officer                        | 09-20-2024      | NA - less than 5% | Yes               |  | 1233857      |
| Joseph Parrot Bumpers      | Chief Financial Officer                        | 09-20-2024      | NA - less than 5% | Yes               |  | 4336359      |
| Scott Arthur Beardsley     | President, Chief Compliance Officer, Secretary | 09-20-2024      | NA - less than 5% | Yes               |  | 2349866      |

### Schedule B: Indirect Owners

| Owning Entity              | Name                       | Title/Status                                           | Date Acquired   | Ownership Code                                          | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| Crews Core Holding Company | First Security Bancorp     | 100%  owner                                            | 01-13-2022      | E - 75% or more                                         | Yes               | 88-2453800   |
| First Security Bancorp     | John Reynolds Rutledge     | 12.240% owner, and Chairman of First Security Bancorp  | 01-13-2022      | F - Other (general partner, trustee, or elected member) | Yes               |  |
| First Security Bancorp     | Nathan Thomas Rutledge     | 12.686% Owner, and Secretary of First Security Bancorp | 12-24-2019      | F - Other (general partner, trustee, or elected member) | Yes               |  |
| 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                |  |
| First Security Bancorp     | John Reynolds Rutledge Jr. | 12.686% owner in First Security Bancorp                | 12-24-2019      | F - Other (general partner, trustee, or elected member) | No                |  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | Crews Core Holding Company | 100 %  Owner                                           | 09-20-2024      | NA - less than 5%                                       | Yes               | 88-2453800   |  |
|  | Indirect    | Crews Core Holding Company | First Security Bancorp     | 100%  owner                                            | 01-13-2022      | E - 75% or more                                         | Yes               | 88-2453800   |  |
|  | Direct      |  | Dennis Charles Clay        | Chief Executive Officer                                | 09-20-2024      | NA - less than 5%                                       | Yes               |  | 1233857      |
|  | Direct      |  | Joseph Parrot Bumpers      | Chief Financial Officer                                | 09-20-2024      | NA - less than 5%                                       | Yes               |  | 4336359      |
|  | Direct      |  | Scott Arthur Beardsley     | President, Chief Compliance Officer, Secretary         | 09-20-2024      | NA - less than 5%                                       | Yes               |  | 2349866      |
|  | Indirect    | First Security Bancorp     | John Reynolds Rutledge     | 12.240% owner, and Chairman of First Security Bancorp  | 01-13-2022      | F - Other (general partner, trustee, or elected member) | Yes               |  | 4440855      |
|  | Indirect    | First Security Bancorp     | Nathan Thomas Rutledge     | 12.686% Owner, and Secretary of First Security Bancorp | 12-24-2019      | F - Other (general partner, trustee, or elected member) | Yes               |  | 5710030      |
|  | 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    |
|  | Indirect    | First Security Bancorp     | John Reynolds Rutledge Jr. | 12.686% owner in First Security Bancorp                | 12-24-2019      | F - Other (general partner, trustee, or elected member) | No                |  | 4199052      |

### Execution Page

**Signature:** Walter D Lomax

**Signer Name:** Walter D Lomax

**Title:** Chief Compliance Officer

**Date:** 09-16-2025