Fulton Bank, N.A. Purchases the Outstanding Stock of BenefitWorks
Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has successfully acquired BenefitWorks, Inc., a registered investment advisor based in Lebanon, PA, as of November 20, 2020. BenefitWorks specializes in investment advisory and retirement services, managing approximately $177 million in assets as of September 30, 2020. The acquisition aims to enhance Fulton Bank's client reach in central Pennsylvania. BenefitWorks will continue to operate as a subsidiary, transitioning clients to Fulton Financial Advisors over time.
- Expansion of client base in central Pennsylvania through acquisition.
- BenefitWorks' $177 million in assets provides immediate value.
- None.
LANCASTER, Pa.--(BUSINESS WIRE)--Fulton Bank, N.A., a subsidiary of Fulton Financial Corporation (NASDAQ: FULT) based in Lancaster, PA, today announced that it has acquired all outstanding stock of BenefitWorks, Inc., a registered investment advisor and retirement services firm in central Pennsylvania. The transaction was completed on November 20, 2020. The terms of the agreement have not been disclosed.
BenefitWorks is located in Lebanon, PA. The company was founded more than 35 years ago as Trefsgar & Co., later changing its name to BenefitWorks, Inc. in 2007. The firm specializes in investment advisory services and qualified retirement plan recordkeeping for companies, organizations and individuals throughout the mid-Atlantic region. BenefitWorks had approximately
“Through our acquisition of BenefitWorks, Fulton will be able to reach and serve a greater number of clients in central Pennsylvania,” said Curtis Myers, Chairman and CEO of Fulton Bank. “We respect the business that Brooks Trefsgar and his team have built over the past 35 years and we share their focus on providing personalized financial solutions tailored to each unique client. We have been meeting with BenefitWorks’ clients to share what Fulton has to offer: outstanding service, a solid reputation and best-in-class products.”
“BenefitWorks is excited for our qualified plan clients and our individual investors. Plan sponsors, plan participants and individual investors will all benefit from familiar continued hands-on services and will be the beneficiaries of many Fulton enhancements,” said Brooks Trefsgar, President of BenefitWorks.
BenefitWorks will initially continue to operate as a separate subsidiary of Fulton Bank and, over the next several quarters, BenefitWorks clients will be transitioned to the Fulton Financial Advisors platform.
For more information about Fulton Bank, N.A. or its wealth and investment management division, Fulton Financial Advisors, visit www.fultonbank.com or www.fultonfinancialadvisors.com.
Securities and Insurance products are not a deposit or other obligation of, or guaranteed by Fulton Bank or any affiliate of the bank; are not insured by the FDIC or any other state or federal government agency, the bank or an affiliate of the bank; and are subject to investment risk, including the possible loss of value.
