Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Technology > Investment Platforms > Turnkey Asset Management

Harleysville Bank To Buy Investment Business

Your article was successfully shared with the contacts you provided.

A Pennsylvania bank holding company is buying a local investment firm.[@@]

Harleysville National Corp., Harleysville, Pa., says its Harleysville National Bank subsidiary has agreed to acquire the Cornerstone Companies, Lehigh Valley, Pa., for a deal with a maximum possible value of $22 million.

Harleysville National expects to pay $15 million in cash at closing and up to $7 million in performance-based incentive payments to be made over a 5-year period.

Harleysville National and Cornerstone hope to complete the deal by March 31, 2006.

Cornerstone is a registered investment advisor serving high-net-worth business owners, wealthy families and institutional clients in Pennsylvania and other Mid-Atlantic states. The firm manages $1.5 billion in client assets.

Harleysville National, which has $3 billion in assets, says it is making the Cornerstone deal to broaden the client base at its Millennium wealth management and private banking division.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.