Peoples Financial Services in Scranton, Pa., has bought a retirement planning operation.

The $1.8 billion-asset Peoples said in a press release Monday that it also bought the asset management assets of Gilmartin Associates in Scranton. Peoples did not disclosed the price it paid.

Edward Gilmartin, founder of Gilmartin Associates, will join Peoples' wealth management group as managing director of retirement plan services. Gilmartin will focus on servicing existing qualified-plan clients while expanding his offerings to privately held businesses and corporations in northeastern Pennsylvania.

"With this collaboration … I now have the opportunity to offer a greater array of products and services from estate planning through our wealth management team, as well as the lending and commercial services available through the bank," Gilmartin said in the release.

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