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