Fulton Bank, N.A. to purchase the wealth business of Forney Financial in Altoona, PA
Fulton Bank, N.A., based in Lancaster, PA, today announced that it has signed an agreement to buy the wealth management business currently conducted by Forney Financial Solutions, LLC, based in Altoona, PA.
Forney Financial Solutions, LLC, which was established by John C. and Sherry G. Forney in 2001, currently has approximately $250 million in assets under management or administration. Fulton Bank, N.A., a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), is based in Lancaster, PA and has approximately $11 billion in assets under management or administration through its wealth management division, Fulton Financial Advisors.
“We are pleased to be able to partner with the Forney team to broaden our reach to serve clients in central Pennsylvania,” said Curtis J. Myers, president and COO of Fulton Financial Corporation. “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.”
“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,” said John Forney. “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 terms of the agreement have not been disclosed. The transaction is expected to be completed early in the first quarter of 2019.
For more information about Fulton Bank, N.A. or Fulton Financial Advisors, visit www.fultonbank.com or www.fultonfinancialadvisors.com. For information about Forney Financial Solutions, LLC, visit www.forneyfs.com.
Additional information on Fulton Financial Corporation can be found at www.fult.com.
Fulton Financial Advisors and Clermont Wealth Strategies operate through Fulton Bank, N.A. and other subsidiaries of Fulton Financial Corporation, including Fulton Insurance Services Group, Inc. The Advisors at Fulton Financial Advisors and Clermont Wealth Strategies offer a broad array of financial products and trust and retirement services some of which are provided through ValMark Securities, Inc., and/or Raymond James Financial Services, Inc., independent and unaffiliated registered broker/dealers, Members FINRA/SIPC; and/or Executive Insurance Agency, Inc., and/or Specific Solutions, Inc., unaffiliated licensed insurance agencies; Investment advisory services offered through Raymond James Financial Services Advisors, Inc. and/or ValMark Advisers, Inc., unaffiliated investment advisory firms registered with the SEC.
Raymond James Financial Services, Inc. is not affiliated with Specific Solutions, Inc., Executive Insurance Agency, Inc., ValMark Securities, Inc., ValMark Advisers, Inc., Clermont Wealth Strategies, Fulton Financial Advisors, Fulton Bank, N.A., Fulton Financial Corporation or any of its subsidiaries. Neither ValMark Securities, Inc., ValMark Advisers, Inc. nor Executive Insurance Agency, Inc. is affiliated with Clermont Wealth Strategies, Specific Solutions, Inc., Fulton Financial Advisors, Fulton Bank, N.A., Fulton Financial Corporation or any of its subsidiaries.
Securities and Insurance products are not a deposit or other obligation of, or guaranteed by the bank or any affiliate of the bank; are not insured by the FDIC or any other state or federal government agency, the bank or an affiliate of the bank; and are subject to investment risk, including the possible loss of value.
Forney Financial Solutions is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.
(Director of Corporate Development, FFC)
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