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Willow Buys Carnegie Wealth

Willow Financial Bancorp Inc. has acquired Carnegie Wealth Management, a $200 million wealth management firm based in Exton, Pennsylvania. No financial terms were disclosed.


Today Willow Financial Bancorp, Inc. (“Willow“) (Nasdaq/Global Select Market:WFBC) announced the acquisition of Carnegie Wealth Management (Carnegie). Carnegie is a $200 million wealth management firm based in Exton, PA with offices at Moultonboro, NH. Financial terms of the transaction were not disclosed. The acquisition expands Willow's wealth management focus, bringing total assets under management to over $900 million, and is expected to be immediately accretive to earnings per share.

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 Willow executive staff and will continue to directly manage Carnegie's operations along with his team of experienced financial professionals.

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, Willow provided the opportunity for us to continue to manage and grow our business, while monetizing the investment in Carnegie for estate planning purposes. I believe that our clients will benefit from many of the banking products that Willow brings to the table, including commercial lending, cash management and private banking services.

The acquisition is expected to close upon receipt of regulatory approval.

About Willow Financial Bancorp:

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, Chester, Montgomery, and Philadelphia counties – some of the fastest-growing communities in Pennsylvania. The Bank provides a complete line of products and services, including: retail banking, business and commercial banking, cash management, wealth management and investments. Our relentless focus on customer service caters to the distinctive needs of consumers and small business owners, through sophisticated commercial clients and high net-worth individuals. Willow Financial Bank has been recognized as the “Best Neighborhood Bank” by Philadelphia Magazine in 2007. Headquartered in Wayne, Pa., Willow Financial Bank has the team, the resources and the sophisticated products to compete with any bank in the region. To see what WillPower is worth, visit or call 1-800-NEW WILLOW.