ST. PETERSBURG, Fla. – After two months of declining revenue, brokerage business at credit unions and community banks are seeing an upswing. According to the Kehrer-Raymond James Community Bank Brokerage Study, brokerage revenue in community-based institutions increased 21% in July over June's activity and was up 19% year-over-year. The Kehrer-Raymond James index of community bank brokerage revenue moved up to 129 in July after slipping down from the all-time high of 144 in April. The index also indicates that July's brokerage revenue in community banks and credit unions was 29% higher than the average month in 2002, the second best month recorded in the 19 months that the Index has been in existence. The index looks at 30 credit unions and community banks with less than $4 billion in assets. The declining revenue can be traced back to the stock market's strong rally in 2003 resulting in a pickup in investor action to be followed by a cooling off, said John Houston, senior vice president and national sales manager for the Raymond James – Financial Institutions Division "Activity picked up the first few months of the year and then leveled off," Houston said. "The decline in May and June were not unusual following a rise" in market activity. The Financial Institutions Division of Raymond James Financial Services, the sponsor of the study, is a wholly-owned subsidiary of Raymond James Financial and provides third party brokerage services to more than 260 credit unions and community banks. Kenneth Kehrer Associates is a research and consulting firm for the bank brokerage industry.