Pennsylvania-based Fulton Bank, a unit of Fulton Financial, has acquired local wealth management firm APS Wealth Management for an undisclosed amount.

Camp Hill-based APS Wealth Management was set up in 1994 by Mike Chwastyk.

At the time of deal closure on 4 October 2019, APS Wealth Management managed around $67m in assets.

Fulton’s wealth management arm Fulton Financial Advisors manages around $11bn in assets.

Commenting on the transaction, Fulton Financial president and COO Curtis Myers said: “Our purchase of APS Wealth Management is enabling Fulton to enhance our outreach to clients in central Pennsylvania.

“For 25 years, Mike Chwastyk and his team have built a strong client base by delivering highly personalised financial solutions. We’re delighted to unite to create a winning combination of outstanding service, solid reputation and world-class products, supported by our continued relationship with Raymond James.”

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In January this year, Fulton Bank bought the wealth management operations of Forney Financial Solutions.

Altoona-based Forney was established in 2001 by John and Sherry Forney.

The US wealth management industry reported various major deals in the last one month.

Earlier this week, Advisor Group agreed to purchase Ladenburg Thalmann Financial Services for $1.3bn.

Last month, Illinois-based wealth manager, The Mather Group (TMG), acquired RPH Financial Services based in northeastern Pennsylvania. The deal takes TMG’s AUM to $4.6bn.