Fulton Bank, N.A., based in Lancaster, Pennsylvania, announced Thursday that it signed an agreement to purchase the wealth management business conducted by Forney Financial Solutions, LLC, based in Altoona, PA.
“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 chief operating officer (COO) of Fulton Financial Corporation, said. “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 C. and Sherry G. Forney established Forney Financial Solutions, LLC in 2001. The company currently has approximately $250 million in assets under management or administration.
Fulton Bank, N.A., a subsidiary of Fulton Financial Corporation, has approximately $11 billion in assets under management or administration through its wealth management division, Fulton Financial Advisors.
“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,” John Forney said. “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 transaction is expected to be completed early in the first quarter of 2019. The terms of the agreement have not been disclosed.