New York-based Financial Institutions, the parent of Five Star Bank, Scott Danahy Naylon, and Courier Capital, has agreed to acquire HNP Capital, a local wealth management firm, for an undisclosed sum.
Established in 2009 by John Piccirilli, Chris Hobaica and Nick Norvell, HNP provides investment management, retirement plan services, alternative investments, financial planning and family office services.
HNP employs 12 staff and has a client base of over 250. The firm managed around $334m in assets at the end of March 2018.
Following completion of the deal, which is expected on or about 1 June 2018, HNP will become a subsidiary of Financial Institutions and an affiliate of Five Star Bank, Scott Danahy Naylon and Courier Capital.
Financial Institutions president and CEO Martin Birmingham said: “This transaction demonstrates a continued commitment to our long-term strategy of diversifying revenue. It also fills an existing geographic gap in our wealth management business by providing coverage of Rochester and the eastern side of our operating footprint.
“Courier Capital already provides strong coverage of Buffalo and the western portion of our market. We anticipate significant operating synergies between HNP and Courier Capital, as well as with Five Star Bank. The team at HNP has built a terrific wealth management platform and we look forward to adding them to our organisation.”