Northwest Savings Bank in Warren, Pa., has agreed to acquire a financial advisory firm and an employee benefits and consulting insurance company.
The acquisition of financial advisory firm Evans Capital Management will give Northwest nearly $2 billion of assets under management, according to its Wednesday press release. The $7.9 billion-asset subsidiary of Northwest Bancshares expects to complete the transaction on Jan. 1. The terms of the deal were not disclosed.
Evans Capitals management and staff would remain intact after the deal closes and its headquarters would remain in Erie, Pa.,
Northwest also agreed to acquire another firm, Employee Benefit Resources, that is owned by Evans founder Jeffrey W. Evans, and his son, Jeffrey G. Evans. The staff of the firm will become employees of Northwest Insurance Services.
Northwest acquired insurance firm The Bert Company earlier this year.
Sarah Todd is a news reporter at American Banker.