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Franklin Financial to buy Cumberland County trust firm
A Cumberland County trust company agreed to be acquired by a Franklin County bank for $1.1 million.
Community Trust Company of Hampden Township will become part of F&M Trust under the deal, announced yesterday. F&M Trust is a trust company and a bank, with seven Cumberland County bank branches. Trust offerings include investment management and services related to employee benefits.
“I think that’s a really good opportunity to build our base in Cumberland County,” F&M leader William E. Snell Jr. said of the deal. Snell is president and chief executive officer of Franklin Financial Services Corp., parent company of F&M Trust. Franklin Financial is acquiring Community Financial Inc., the parent company of Community Trust, in a cash deal. The deal is expected to close in the fourth quarter, pending approval from regulators and Community shareholders.
Community Trust has about $70 million in assets under management and seven or eight employees, Snell said. Community President and Chief Executive Officer Susan A. Russell will remain with the firm and the office at 3907 Market St. will stay open, according to a news release from the companies. F&M expects to retain at least some of the other employees, but specific decisions have not been made, Snell said.
“We feel that there’s a lot of opportunity for expanded services for our clients,” Russell said.
This item has been modified from its original version to correct the acquisition price.
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