Beacon Trust Company, a US-based wealth management firm, has acquired the wealth management business of Suffolk Bancorp, a parent company of Suffolk County National Bank.
Frank Filipo, executive vice president of Suffolk, said: "We are pleased that Beacon will operate locally at the existing Wealth Management Services office location in Bohemia, New York."
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Howard Bluver, president and CEO of Suffolk, said: "We recently completed a strategic review of all business lines, and concluded that the marginal contribution of the wealth management business, together with its relatively small scale, did not justify the expense, management and compliance resources that this business requires.
"By exiting the business, we are able to allocate additional resources to our core lending and deposit businesses, and to fuel our continuing western expansion," he added.
Terms of the transaction were not disclosed.
Wachtell, Lipton, Rosen & Katz served as legal advisor to Soffolk in the transaction, while McCarter & English served as legal advisor to Beacon.
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