Fulton Financial's latest acquisition to add scale in wealth management
Fulton Financial in Lancaster, Pa., is buying a wealth management business.
The $11.7 billion-asset company said in a press release Thursday that its bank has agreed to buy Forney Financial Solutions in Altoona, Pa.
The deal is expected to close in the first quarter. Fulton did not disclose the price.
Forney, which was started in 2001, has about $250 million in assets under management. Fulton’s wealth management division, called Fulton Financial Advisors, has about $11 billion in assets under management.
“We are pleased to be able to partner with the Forney team to broaden our reach to serve clients in central Pennsylvania,” Curtis Myers, Fulton's president and chief operating officer, said in the release.
"The Forney team has built a strong business, a solid client base and a stellar reputation," Myers added. "With the added expertise and world-class products that Fulton Financial Advisors can offer, we feel certain we have created a winning combination.”
John Forney, one of the firm’s founders, said in the release that Forney Financial had looked for a buyer for almost a year as part of its succession planning.
“After the transaction is complete, other than a change in our name, clients will see very little change in the way we do business,” Forney said.