BLUE BALL, PA. — PennRock Financial Services Corp. said Monday that it had bought National Advisory Group, a retirement services and asset management firm in Dresher, Pa.

The price was not disclosed.

Melvin Pankuch, PennRock’s executive vice president and chief executive officer, said that the purchase will generate fee income by adding to the banking company’s asset management capabilities and bulking up its retirement plan administration business.

PennRock’s Blue Ball National Bank had $280 million of assets under management at the end of last year. National Advisory had about $100 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.