Harleysville National Corp. sold its wealth management divisions, the Cornerstone Cos., to its three managing directors.
The price of the sale, which closed Thursday, to Cornerstone’s John R. Yaissle, Malcolm L. Cowen and Thomas J. Scalici, was not disclosed.
Cornerstone had $2.8 billion in assets under management and a staff of about 30 people in two Pennsylvania offices in Allentown and Bethlehem. Harleysville bought the group in January 2006.
Harleysville's Millennium Wealth Management division will remain part of the Pennsylvania-baseed bank holding company, which is in the process of merging with First Niagara Financial Group.
Towamencin, Pa., based Millennium's advisory team is expected to join First Niagara, including its president, Joseph D. Blair, who is expected to lead the bank’s wealth management business in southeastern Pennsylvania. Millennium, which has $670 million in assets under management, provides investment, trust, insurance, financial planning and private banking products and services to businesses and individuals.
Harleysville was one of a handful of banks in Pennsylvania that accepted funds from the Treasury Department. Despite the funds, the bank was acquired by First Niagara in a deal expected to close Friday.