US-based Northwest Savings Bank has agreed to acquire Evans Capital Management (ECM), a financial advisory firm that manages over US$240 million in assets.
Founded in 1983, ECM specializes in financial planning services for individuals, profit sharing and 401(k) plans, trusts, estates, charitable organizations and small business.
Following the transaction, which is expected to close on 1 January 2014, ECM will continue to operate as a wholly-owned subsidiary of Northwest Savings Bank under the management of its founder, Jeffrey Evans and current partners Arthur Laneve and Steven Erhartic.
According to Northwest, ECM’s ten staff members will continue to serve their existing clients in western Pennsylvania.
Commenting on the agreement, Evans said: "We are pleased to affiliate with Northwest Savings Bank. We look forward to introducing new bank services to our valued clients and to helping to expand the bank’s wealth management and financial planning activities throughout its footprint."
Gregory LaRocca, executive vice president of Northwest, said: "We are extremely pleased to be able to partner with ECM and its staff. This combination will bring the expanded services of a larger organization to ECM’s customers and it will significantly enhance Northwest’s wealth management activities in western Pennsylvania."
Upon completion of the transaction, Northwest will hold nearly US$2 billion in assets under management.
Northwest has also agreed to acquire Employee Benefit Resources (EBR), an employee benefits and consulting insurance firm owned by Evans and his son, Jeffrey Evans. The EBR staff will become employees of Northwest Insurance Services and remain in place to serve EBR’s existing customers.