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.