Pennsylvania’s Fulton Bank, a unit of Fulton Financial, has agreed to purchase the wealth management operations of Forney Financial Solutions for an undisclosed sum.
Altoona-based Forney was set up in 2001 by John and Sherry Forney.
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“After the transaction is complete, other than a change in our name, clients will see very little change in the way we do business. Sherry and I will continue to be involved in providing the best service, with the size and strength of Fulton Financial and our continued relationship with Raymond James supporting those efforts,” John Forney noted.
Fulton Financial Advisors, the wealth management arm of Lancaster-based Fulton, manages around $11bn in assets.
The latest acquisition will add nearly $250m in assets to Fulton’s portfolio.
Fulton Financial president and COO Curtis Myers said: “We are pleased to be able to partner with the Forney team to broaden our reach to serve clients in central Pennsylvania. The Forney team has built a strong business, a solid client base and a stellar reputation.
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By GlobalData“With the added expertise and world-class products that Fulton Financial Advisors can offer, we feel certain we have created a winning combination – for clients, for the Forney team and for Fulton.”
The deal is expected to be wrapped up in the first quarter of this year.
