Willow Financial Bancorp Inc. has acquired Carnegie Wealth Management, a $200 million wealth management firm based in
Today Willow Financial Bancorp, Inc. (“
Founded in 1985, Carnegie provides professional investment consulting services to retirement plan administrators, foundations, corporations and high net worth investors. Carnegie has clients in 40 states across the nation. Roy Johnston, owner of Carnegie will join the
“This transaction fits perfectly with our strategy to diversify our core banking business through the acquisition of entrepreneurial fee-based businesses,“ says Donna Coughey, President and CEO of Willow. “Carnegie is a strong addition to our wealth management operation, and Roy Johnston has built an extremely successful operation with many loyal clients and a hands-on, customized approach to wealth management.“
Coughey continued, “Carnegie's holistic approach evaluates non-traditional investments including private placements, private equity, and limited partnerships alongside traditional equity and fixed income investments, provides a unique, differentiated business model that will be appealing to our more sophisticated wealth management clients.“
Roy Johnston added, “Willow Financial is exactly the right partner for Carnegie. Our cultures are extremely similar, with a personalized approach to customer relations based on thorough knowledge of each client's financial objectives, risk appetite, and overall financial picture. In addition,
The acquisition is expected to close upon receipt of regulatory approval.
Willow Financial Bancorp, Inc. (NASDAQ Global Select Market:WFBC), is the holding company for Willow Financial Bank, a growing community bank in Southeastern Pennsylvania with $1.5 billion in assets. With 29 convenient offices, Willow Financial Bank has a substantial community presence in Bucks,