Meridian Bank has agreed to acquire Pennsylvania-based HJ Wealth Management for an undisclosed sum.
HJ Wealth Management was set up in 2000 by Jay Heller and Brian Kohute. The firm offers a proprietary financial planning system, known as the Progression of Wealth, to connect the management of wealth to meaningful personal goals.
HJ Wealth will merge into Meridian’s wealth advisory group as part of the deal, leading to the creation of Meridian Wealth Partners that will operate as a wholly-owned subsidiary of Meridian Bank.
The takeover, which is expected to be completed on 1 April 2017, will boost Meridian’s assets under management to $700m.
Meridian Bank CEO Chris Annas said: “We are excited to add the depth and experience of HJ Wealth Management. Their Progression of Wealth platform has proven very successful in helping both individuals and companies with their investment and retirement portfolios.
“This addition will help us with our mission of bringing superior financial planning and wealth management services to a broad segment of customers. We look forward to continued organic growth and possible future acquisitions.”