Tompkins Trustco Inc. said that it had agreed to buy AM&M Financial Services Inc., a financial planning firm that sells insurance and other products to clients in western New York.
By terms of an agreement announced Monday, Tompkins, a bank holding company in Ithaca, N.Y., is to buy all the outstanding shares of AM&M capital stock for cash plus Tompkins common stock. Further financial details were not disclosed. The deal is expected to close in the first quarter.
AM&M had about 800 clients and $350 million of assets under management at Sept. 30. It is to become a subsidiary of Tompkins and be operated by its current management team. The Pittsford, N.Y., company has 42 employees and is led by six principals.
It sells financial products and services to clients through three operating companies: AM&M Planners Inc., which offers fee-based financial planning and wealth management for corporate executives, small-business owners, and high-net-worth investors; Ensemble Financial Services Inc., an independent broker-dealer and outsourcing company for financial planners and investment advisers; and Ensemble Risk Solutions Inc., which creates customized risk management plans using life, disability, and long-term-care insurance products.
