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Fulton Financial Completes Buyout of APS Wealth Management
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Fulton Financial Corporation’s (FULT - Free Report) subsidiary, Fulton Bank, N.A., recently announced that it acquired Camp Hill, PA-based APS Wealth Management. Terms of the transaction, completed on Oct 4, 2019, were not disclosed.
Notably, in September 2014, the Office of the Comptroller of the Currency (“OCC”) imposed enforcement orders on Fulton Financial. Because of this, the company was unable to engage in mergers and acquisitions. The orders were lifted gradually over the last two years and this acquisition is the first that the bank has made since the orders were lifted.
APS Wealth Management was established in 1994 by Mike Chwastyk. At the time of its acquisition by Fulton Financial, it had nearly $67 million in assets under management or administration.
Lancaster, PA-based Fulton Bank’s wealth management division, Fulton Financial Advisors, has nearly $11 billion in assets under management or administration.
Fulton Financial’s president, Curtis J. Myers, stated, “Our purchase of APS Wealth Management is enabling Fulton to enhance our outreach to clients in central Pennsylvania. For 25 years, Mike Chwastyk and his team have built a strong client base by delivering highly personalized financial solutions. We’re delighted to unite to create a winning combination of outstanding service, solid reputation and world-class products.”
Shares of Fulton Financial have gained 11.9% so far this year compared with 16.3% growth of the industry it belongs to.
Of late, consolidation in the banking sector is on the rise, driven by the easing of stringent regulations and lower corporate tax rates that freed up capital. Several mid-sized banks, including Fifth Third Bancorp (FITB - Free Report) , SVB Financial Group and Prosperity Bancshares, Inc (PB - Free Report) , have undertaken opportunistic buyouts that will not only lead to geographic expansion but also help diversify revenue base.
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Fulton Financial Completes Buyout of APS Wealth Management
Fulton Financial Corporation’s (FULT - Free Report) subsidiary, Fulton Bank, N.A., recently announced that it acquired Camp Hill, PA-based APS Wealth Management. Terms of the transaction, completed on Oct 4, 2019, were not disclosed.
Notably, in September 2014, the Office of the Comptroller of the Currency (“OCC”) imposed enforcement orders on Fulton Financial. Because of this, the company was unable to engage in mergers and acquisitions. The orders were lifted gradually over the last two years and this acquisition is the first that the bank has made since the orders were lifted.
APS Wealth Management was established in 1994 by Mike Chwastyk. At the time of its acquisition by Fulton Financial, it had nearly $67 million in assets under management or administration.
Lancaster, PA-based Fulton Bank’s wealth management division, Fulton Financial Advisors, has nearly $11 billion in assets under management or administration.
Fulton Financial’s president, Curtis J. Myers, stated, “Our purchase of APS Wealth Management is enabling Fulton to enhance our outreach to clients in central Pennsylvania. For 25 years, Mike Chwastyk and his team have built a strong client base by delivering highly personalized financial solutions. We’re delighted to unite to create a winning combination of outstanding service, solid reputation and world-class products.”
Shares of Fulton Financial have gained 11.9% so far this year compared with 16.3% growth of the industry it belongs to.
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Of late, consolidation in the banking sector is on the rise, driven by the easing of stringent regulations and lower corporate tax rates that freed up capital. Several mid-sized banks, including Fifth Third Bancorp (FITB - Free Report) , SVB Financial Group and Prosperity Bancshares, Inc (PB - Free Report) , have undertaken opportunistic buyouts that will not only lead to geographic expansion but also help diversify revenue base.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
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