First Savings Bank of Perkasie, a US-based mutual savings bank, has acquired Longview Capital Management, a wealth management company with a portfolio of more than $270 million in assets under management.
With this purchase of second wealth manager in five years, First Savings is planning to merge Longview Capital with its wealth management unit EagleView Capital to increase the bank’s assets under management by two-fold from $320 million before the deal, reported Business Journal.
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Earlier in October 2009, the lender acquired Papalia Financial Services Group a specialist financial planner for small- to medium-size businesses.
First Savings president and CEO Frederick Schea told the news agency the purchase is aimed at facilitating income from non-core business with revenues from loans and deposits have dried in the post-recession world.
The banking firm’s non-interest income accounted 23% of its total income at the end of 2013, earning $5.6m during the last year with nearly $950 million in total assets.
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