Harleysville Sells Cornerstone Companies To The Wealth Management Subsidiary's Managing Directors
HARLEYSVILLE, Pa., April 8 /PRNewswire-FirstCall/ -- Harleysville National Corporation (Nasdaq: HNBC) today completed the sale of one of its wealth management divisions, the Cornerstone Companies, to its three managing directors.
Terms of the sale to Cornerstone Companies' John R. Yaissle, Malcolm L. Cowen II and Thomas J. Scalici were not disclosed.
Cornerstone Companies manages approximately $2.8 billion in assets, and employs a staff of about 30 people in its Allentown and Bethlehem offices. Harleysville acquired the group in January 2006.
Harleysville's Millennium Wealth Management division will remain part of the bank holding company, which is in the process of merging with First Niagara Financial Group (Nasdaq: FNFG). The acquisition is scheduled to close April 9, 2010. Towamencin-based Millennium's advisory team is expected to join First Niagara, including President Joseph D. Blair who will lead the growing bank's wealth management business in Southeastern Pennsylvania. With approximately $670 million in assets under management, Millennium provides investment, trust, insurance, financial planning and private banking solutions to businesses and individuals.Harleysville National Corporation, with assets of $5.2 billion, is the holding company for Harleysville National Bank (HNB). Harleysville National Corporation stock is traded under the symbol "HNBC" and is commonly quoted under NASDAQ Global Select Market®. For more information, visit the Harleysville National Corporation website at www.hncbank.com. Harleysville National Corporation, with assets of $5.2 billion, is the holding company for Harleysville National Bank (HNB). Investment Management and Trust Services are provided through Millennium Wealth Management and Cornerstone, divisions of HNB, with assets under management of $2.7 billion. Harleysville National Corporation stock is traded under the symbol "HNBC" and is commonly quoted under NASDAQ Global Select Market®. For more information, visit the Harleysville National Corporation website at www.hncbank.com. Millennium Wealth Management, with assets under management of $2.7 billion, provides investment, trust, insurance, financial planning and private banking solutions to businesses and individuals. It is a division of Harleysville National Bank, a wholly-owned subsidiary of Harleysville National Corporation (Nasdaq: HNBC). To learn more about Millennium Wealth Management www.millenniumwealth.com or call 1-888-611-7400. Forward Looking Statements Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made to differ include that the proposed merger between Harleysville National Corporation and First Niagara Financial Group, Inc. is subject to a number of conditions which must be fulfilled in order for the merger to close. Other important factors are discussed under the caption "Forward-Looking Statements" in Harleysville National Corporation's Form 10-K Annual Report for the year ended December 31, 2009 and in subsequent filings made prior to or after the date hereof with the Securities and Exchange Commission. SOURCE Harleysville National Corporation
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