Harleysville National has completed the sale of one of its wealth management divisions, Cornerstone Companies, to its three managing directors John Yaissle, Malcolm Cowen and Thomas Scalici.
Cornerstone Companies manages nearly $2.8bn in assets, and employs a staff of about 30 people in its Allentown and Bethlehem offices. Harleysville acquired the group in January 2006.
However, Harleysville’s Millennium Wealth Management division will remain part of the bank holding company, which is in the process of merging with First Niagara Financial Group.
Towamencin-based Millennium’s advisory team is expected to join First Niagara, including president Joseph Blair who will lead the bank’s wealth management business in Southeastern Pennsylvania. With approximately $670mn in assets under management, Millennium provides investment, trust, insurance, financial planning and private banking solutions to businesses and individuals.
Harleysville National, with assets of $5.2bn, is the holding company for Harleysville National Bank (HNB). Investment management and trust services are provided through Millennium Wealth Management and Cornerstone, divisions of HNB, with assets under management of $2.7bn.
The acquisition is scheduled to be completed by April 9, 2010.