ReliaStar Financial Corp. said Thursday that it has a deal to buy Financial Northeastern Cos. of Fairfield, N.J.
ReliaStar did not disclose terms, but said the transaction includes Financial Northeastern Securities Inc., a broker-dealer, and Financial Northeastern Corp., which brokers certificates of deposit to credit unions. A spokesman for ReliaStar said the purchase would help its PrimeVest Financial Services Inc. subsidiary to add credit union clients.
The third-party marketing firm, based in St. Cloud, Minn., provides brokerage services to banks and other financial institutions. PrimeVest will also market Financial Northeastern's institutional certificates of deposit to clients, the spokesman said.
The deal is expected to close this quarter, pending regulatory approval.