Hoping to boost noninterest income, a Pennsylvania banking company has created a financial planning and wealth management subsidiary.
Progress Financial Corp. in Blue Bell created Progress Financial Resources Inc. after hiring five employees from a local financial planning firm. The new subsidiary will be based in downtown Philadelphia and will have representatives at each of Progress Bank's 11 branches.
The subsidiary is to offer corporate benefits and 401(k) plans, group health plans, and investment, estate, insurance, and retirement planning services for individuals.
W. Kirk Wycoff, chairman, president, and chief executive officer of the $640 million-asset holding company, said the subsidiary will let Progress Bank offer new services to its business and private banking clients.