Financial Institutions, the parent of Five Star Bank, Scott Danahy Naylon, and Courier Capital, has completed the acquisition of New York-based wealth management firm HNP Capital.
The companies signed the acquisition agreement last month. The financial terms of the deal were not divulged.
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Established in 2009, HNP provides investment management, alternative investments, financial planning and retirement plan services and family office services to over 250 clients. The firm managed around $334m in assets at the end of March 2018.
HNP will now operate as a subsidiary of Financial Institutions. It will also become an affiliate of Five Star Bank, Scott Danahy Naylon and Courier Capital.
HNP founders John Piccirilli, Chris Hobaica and Nick Norvell, will continue to manage the firm’s assets.
Together with its subsidiaries, Financial Institutions now has a workforce of nearly 650.
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