FNCB Bancorp, the parent company of FNCB Bank, entered into an asset purchase agreement between the bank’s investment arm, FNCB Wealth Management Services and Chiaro Investment Services (CIS).
Following the closing of the transaction, FNCB Wealth Management Services will operate under a new brand, 1st Investment Services.
1st Investment Services will provide clients with a full suite of offerings, including investment management, brokerage services, insurance planning and retirement services.
“We are extremely pleased to welcome Chiaro Investment Services’ associates and clients to the FNCB family,” Gerard Champi, president and CEO of FNCB Bank, said. “The combined experience of our team of advisors will benefit the organization and build on an exceptional legacy of service to our clients.”
Currently headquartered in Forty Fort, PA, CIS, is led by James P. Chiaro, CMFC, LPL financial advisor. Dunmore, PA-based FNCB Wealth Management Services is led by Peter Albano, LPL financial advisor. Chiaro will be appointed chief investment services officer and executive vice president upon the closing of the transaction, with responsibility for 1st Investment Services. Following the closing of the transaction, the combined teams, operating under 1st Investment Services, will relocate their offices to Dunmore.
“I am delighted to be joining 1st Investment Services,” Chiaro, said. “The transaction combines the personalized financial planning and tailored investment strategies of CIS with the resources and extensive product set of FNCB Bank. I am excited about the unique opportunities this transaction will create for our clients, as well as our employees and business partners.”
The transaction will provide significant opportunities for organic growth throughout Pennsylvania, as well as national expansion, by combining FNCB Wealth Management’s strong roots in Northeastern Pennsylvania and CIS’s clients in 26 states.
