Fulton Bank to purchase Altoona advisory firm
Lancaster-based Fulton Bank has agreed to buy the wealth management business of Forney Financial Solutions LLC in Altoona.
Forney Financial Solutions was established by John C. and Sherry G. Forney in 2001, according to a news release. It manages about $250 million in assets.
Fulton Bank, a subsidiary of Lancaster-based Fulton Financial Corp., has approximately $11 billion in assets under management through its wealth management division, Fulton Financial Advisors.
“We are pleased to be able to partner with the Forney team to broaden our reach to serve clients in central Pennsylvania,” Curtis J. Myers, president and COO of Fulton Financial Corp., said in a news release.
The terms of the agreement were not disclosed. The transaction is expected to be completed early in the first quarter of 2019.
John Forney said he had searched for almost a year to find a like-minded firm with which to align.
“After the transaction is complete, other than a change in our name, clients will see very little change in the way we do business,” Forney said in the release.