Financial Institutions in Warsaw, N.Y., has agreed to buy HNP Capital, a wealth management firm in Pittsford, N.Y.
The $4 billion-asset parent of Five Star Bank said in a press release Tuesday that the deal should close by June 1. Financial Institutions did not disclose the price it will pay.
HNP, which was founded in 2009, has more than 250 clients and $334 million of assets under management.
HNP would operate as a unit of Financial Institutions. The firm’s founders — John Piccirilli, Chris Hobaica and Nick Norvell — would continue to manage HNP’s assets after the deal closes.
“This transaction demonstrates a continued commitment to our long-term strategy of diversifying revenue,” Martin Birmingham, Financial Institutions’ president and CEO, said in the release. “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.”