March 24, 2003 — Integrity Mutual Funds (IMFD) has agreed to acquire Canadaigua National Bank and Trust Co.’s two mutual funds, which have $14 million in assets. Terms were not disclosed.
Integrity said the $13 million Canandaigua Natl Collect For Qual Inv Equity (CEQTX) and the $1 million Canandaigua bond fund, both ranked 3 Stars by Standard & Poor’s, will be managed by its Ranson Capital Corp. subsidiary following the completion of the transaction. Information on the funds’ portfolio managers was not immediately available.
The deal is expected to close late next month, subject to shareholder and regulatory approval.
Integrity manages $293 million in assets, including two Integrity stock funds that invest in other companies’ funds, and nine funds offered under the Ranson name that invest in single-state municipal bonds.