Fulton Bank has agreed to acquire the wealth management business of Forney Financial Solutions, a US-based financial services provider, for an undisclosed amount.
Established in 2001 by John C. and Sherry G. Forney, Forney Financial Solutions currently has about $250m in assets under management.
The company claims to provide comprehensive approach to financial solutions that can yield better outcome for its clients. It aims to keep long-range financial goals and needs of its clients at the center of all its strategies.
The company offers logical recommendations to its clients with informed views about their total financial picture. Its services are offered for both individuals and business clients.
Forney’s solutions include investment solution strategies, insurance solution strategies and wealth management strategies.
Fulton Bank is a subsidiary of Fulton Financial Corporation and is based in Lancaster, Pennsylvania. The company has $11bn in assets under management or administration through its wealth management division, Fulton Financial Advisors.
Fulton Financial president and chief operating officer Curtis Myers said: “We are pleased to be able to partner with the Forney team to broaden our reach to serve clients in central Pennsylvania.
“The Forney team has built a strong business, a solid client base and a stellar reputation. With the added expertise and world-class products that Fulton Financial Advisors can offer, we feel certain we have created a winning combination – for clients, for the Forney team and for Fulton.”
John Forney said: “As part of our succession planning, we have searched for almost a year to find a like-minded firm with which to align, and we were delighted to find Fulton.
“After the transaction is complete, other than a change in our name, clients will see very little change in the way we do business. Sherry and I will continue to be involved in providing the best service, with the size and strength of Fulton Financial and our continued relationship with Raymond James supporting those efforts.”
The acquisition is expected to be completed in the first quarter of this year.