The sale of Harleysville National Corp. of Pennsylvania to First Niagara Financial Group of Buffalo closed Friday, though before the closing Harleysville National sold a wealth management division.
The $5.2 billion-asset Harleysville said Thursday that it sold Cornerstone Cos. to its three managing directors.
Terms of the sale to John R. Yaissle, Malcolm L. Cowen 2nd and Thomas J. Scalici were not disclosed.
Cornerstone, which manages about $2.8 billion of assets, has two offices, in Allentown and Bethlehem, and about 30 employees.
Harleysville bought the group in January 2006.
The reason for the Cornerstone sale was not noted.
Harleysville said its Millennium Wealth Management division will remain part of the company.
Millennium's advisory team, based in Towamencin, Pa., is expected to join First Niagara.
Joseph D. Blair, Millennium's president, is expected to lead the bank's wealth management business in southeastern Pennsylvania.
Millennium, which has $670 million of assets under management, provides investment, trust, insurance, financial planning and private banking products and services to businesses and individuals.
Harleysville branches are expected to open as First Niagara branches today.
The deal was expected to close in the first quarter, but was delayed by the regulatory process as First Niagara, a $14.4 billion-asset thrift, switches to a commercial bank charter.
Harleysville was one of a handful of banks in Pennsylvania that accepted investments from the Treasury Department.
