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Fulton Financial's Subsidiary to Buy Wealth Management Firm

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Fulton Financial Corporation’s (FULT - Free Report) subsidiary, Fulton Bank, N.A., has agreed to buy Forney Financial Solutions, LLC, a wealth management business based in Altoona, PA. While the terms of the deal have not been disclosed yet, the transaction is expected to be completed by first-quarter 2019.

Fulton Financial’s president and COO, Curtis J. Myers said, “We are pleased to be able to partner with the Forney team to broaden our reach to serve clients in central Pennsylvania. The Forney team has built a strong business, a solid client base and a stellar reputation. With the added expertise and world-class products that Fulton Financial Advisors can offer, we feel certain we have created a winning combination – for clients, for the Forney team and for Fulton.”

Established by John C. and Sherry G. Forney in 2001, Forney Financial Solutions currently has nearly $250 million in assets under management or administration. On the other hand, Fulton Bank, through its wealth management division Fulton Financial Advisors, has approximately $11 billion in assets under management or administration.

Commenting on the deal, John Forney stated, “As part of our succession planning, we have searched for almost a year to find a like-minded firm with which to align, and we were delighted to find Fulton. After the transaction is complete, other than a change in our name, clients will see very little change in the way we do business. Sherry and I will continue to be involved in providing the best service, with the size and strength of Fulton Financial and our continued relationship with Raymond James supporting those efforts.”

Over the past six months, Fulton Financial’s shares have lost 6.7% compared with 21.1% decline recorded by the industry.

Currently, Fulton Financial carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Stocks Worth a Look

Some other top-ranked stocks from the finance space are On Deck Capital, Inc. (ONDK - Free Report) , Credit Acceptance Corporation (CACC - Free Report) and First Bank (FRBA - Free Report) .

On Deck Capital currently sports a Zacks Rank #1. Over the past 60 days, it has witnessed an upward earnings estimate revision of 22.7% for 2018. Additionally, the stock has gained 23.7% in the past two years.

Credit Acceptance’s earnings estimates for 2018 have remained stable over the past 60 days. Its shares have surged 88.6% in the past two years. The stock currently carries a Zacks Rank of 2.

Over the past 60 days, First Bank’s earnings estimates for 2018 have remained stable. The company’s shares have increased 1.6% in the past two years. The stock currently has a Zacks Rank #2.

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