Harrisburg,Pa.-based Riverview FinancialCorp. ($527.3 million) bought Sunbury, Pa.-based financial services firm ShrawderFinancial Services on June 27.
Along with YourVision Financial Services, which the company acquired in June, Shrawder Financial will also be fullyintegrated into Riverview Wealth Management, an operating division ofRiverview Bank,during the third quarter. Shrawder Financial CEO LauraShrawder-Miles will stay on in a leadership capacity.
Theacquisitions are expected to increase assets under management in the wealthmanagement business by more than 50%, according to a Form 8-K filed July 22.LPL Financial LLC served as the broker/dealer of record in the transaction.
Also, thecompany reported that Daniel Blaschak stepped down as a director, effectiveJuly 20. Carl Metzger will take the vacant seat on the board, with a termexpiring at the company's 2018 annual meeting.
RiverviewFinancial reported net income of $855,000, or 27 cents per share, for thequarter ended June 30, compared to a net loss of $1.3 million, or 50 cents pershare, for the year-ago period.