Lancaster, Pa.-based Fulton Bank NA has agreed to buy the wealth management business of Altoona, Pa.-based Forney Financial Solutions LLC in a move to broaden its client reach in central Pennsylvania.
Forney has approximately $250 million in assets under management or administration, while Fulton Bank has approximately $11 billion in AUM.
Terms of the deal were not disclosed.
Fulton Financial Corp., the parent of Fulton Bank, had earlier announced that it intended to look at bank and nonbank acquisition opportunities once it was freed from all regulatory consent orders over Bank Secrecy Act and Anti-Money Laundering compliance.
This transaction is expected to close early in the first quarter.