Harleysville National sells Cornerstone unit 1 day before First Niagara buyout
By APThursday, April 8, 2010
Harleysville sells Cornerstone ahead of buyout
HARLEYSVILLE, Pa. — One day before it sells itself to another bank, Harleysville National Corp. on Thursday said it completed the sale of one of its wealth management divisions to that company’s three managing directors.
Terms were not disclosed for the sale of the Cornerstone Companies to directors John R. Yaissle, Malcolm L. Cowen II and Thomas J. Scalici.
Cornerstone manages approximately $2.8 billion in assets, and employs about 30 people in offices in Allentown and Bethlehem, Pa. Harleysville National, which operates 83 bank branches in eastern Pennsylvania, acquired Cornerstone in 2006.
Harleysville’s Millennium Wealth Management division will remain part of the bank holding company when it sells itself to First Niagara Financial Group. That $237 million deal is expected to close Friday.
Millennium Wealth Management has about $670 million in assets under management.
Shares of Harleysville National closed Thursday up 9 cents at $6.94. First Niagara added 22 cents to close at $14.65.
