Sterling Financial Corporation of Lancaster, Pa. Acquires Hershey Investment Advisory Firm17 December 2005
Sterling Financial Corporation (Nasdaq: SLFI) has acquired the assets of Hershey, Pa.-based Infinity Investment Advisors through Church Capital Management, Sterling's registered investment advisor affiliate. Based in Yardley, Pa., Church Capital Management also has offices in Lancaster and Hanover, Pa.
"The Infinity acquisition paves the way for us to enter the attractive Hershey area market -- one that will complement the strong presence that Sterling already has in Lancaster, Harrisburg, Lebanon, York and other south- central Pennsylvania markets," said J. Roger Moyer, Jr., president and chief executive officer of Sterling Financial Corporation. "We are pleased to be in Hershey and broaden the services that we already offer in Dauphin and neighboring counties."
"Infinity Investment Advisors is an excellent fit with our values and strategy of offering personalized, professional investment management to customers who want to grow their net worth," said Gregory A. Church, founder and chief executive officer of Church Capital Management. "Church Capital Management's growth over the years is attributable to the client relationships that we have built through adherence to our core investment principles of value, quality and diversification. Hershey is an attractive market for us and other Sterling affiliates, and we are pleased to establish a presence there."
Bruce A. Smith, president and chief investment officer of Infinity, is joining Church Capital Management as vice president and an investment services advisor. The Infinity name will no longer be used.
"Bruce founded Infinity in 1993, and has built an impressive customer base," Church added. "We are delighted to have Bruce on our team and to serve the customers with whom he has built relationships over the years."
Church Capital Management has approximately $2.2 billion under administration with $1.8 billion of that being assets under management. The Philadelphia Business Journal has ranked Church Capital Management as one of the top 20 money management firms in the Philadelphia area. Church Capital Management was founded in 1987.
The Infinity office at 405 East Chocolate Ave. in Hershey will become a dual office for both Church Capital Management and Pennsylvania State Bank, the community bank in Harrisburg that Sterling Financial Corporation acquired in 2004.
With assets of more than $2.9 billion and investment assets under administration of approximately $2.2 billion, Sterling Financial Corporation (Nasdaq: SLFI) is a diversified financial services company based in Lancaster, Pa. Sterling Banking Services Group affiliates offer a full range of banking services in south-central Pennsylvania, northern Maryland and northern Delaware; the group also offers correspondent banking services in the mid- Atlantic region to other companies within the financial services industry. Sterling Financial Services Group affiliates provide specialty commercial financing; fleet and equipment leasing; investment, trust and brokerage services; insurance services; and human resources consulting services. Visit http://www.sterlingfi.com for more information.
Banking Services Group -- Banks: Pennsylvania: Bank of Lancaster County, N.A.; Bank of Lebanon County; PennSterling Bank; and Pennsylvania State Bank. Pennsylvania and Maryland: Bank of Hanover and Trust Company. Maryland: First National Bank of North East. Delaware: Delaware Sterling Bank & Trust Company. Correspondent banking services: Correspondent Services Group (provider of Sterling services to other financial institutions).
Financial Services Group -- Specialty commercial financing: Equipment Finance LLC (commercial financing company for the forestry, land clearing and construction industries). Fleet and equipment leasing: Town & Country Leasing, LLC (nationwide fleet and equipment leasing company). Trust, investment and brokerage services: Sterling Financial Trust Company (trust and investment services), Church Capital Management, LLC (registered investment advisor) and Bainbridge Securities Inc. (securities broker/dealer). Insurance services: Lancaster Insurance Group, LLC (independent insurance agency for personal, property and business insurance); StoudtAdvisors (employee benefits consulting and brokerage firm); and Sterling Financial Settlement Services, LLC (title insurance agency). Human resources consulting: Professional Services Group (human resources consulting services provider for small- to medium-size businesses).
This news release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include costs and efforts required to integrate aspects of the operations of the companies being more difficult than expected, anticipated merger-related synergies not being achieved timely or not being achieved at all, the possibility that increased demand or prices for Sterling's financial services and products may not occur, changing economic and competitive conditions, volatility in interest rates, technological developments, costs associated with complying with laws, rules and regulations, and other risks and uncertainties, including those detailed in Sterling's filings with the Securities and Exchange Commission.
Source: prnewswire
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