A Pennsylvania bank holding company has completed efforts to acquire a local investment advisor.
Harleysville National Bank, a unit of Harleysville National Corp., Harleysville, Pa., will be paying at least $15 million for the Cornerstone Companies, Allentown, Pa.
If Cornerstone does well over the next 5 years, Harleysville could end up making up to $7 million in additional payments.
Cornerstone has about $1.5 billion in assets under management. It serves clients in Pennsylvania and other Mid-Atlantic states.
Harleysville says it plans to keep Cornerstone’s professional staff of about 30 and the firm’s 3 principals — Jack Yaissle, Malcolm Cowen and Tom Scalici.