DALLAS - First Southwest Co., the third-largest financial adviser nationally and the largest in the Southwest, will be acquired by the Texas banking firm PlainsCapital Corp. in a private equity swap announced yesterday.

The acquisition of the 62-year-old First Southwest by the 20-year-old PlainsCapital, both Dallas-based, will add $500 million to $700 million to PlainsCapital's $3.4 billion of assets, according to the two companies.

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