Fulton Bank, N.A., a subsidiary of Fulton Financial Corporation (NASDAQ: FULT) based in Lancaster, PA, today announced that it has acquired all outstanding stock of BenefitWorks, Inc., a registered investment advisor and retirement services firm in central Pennsylvania. The transaction was completed on November 20, 2020. The terms of the agreement have not been disclosed.
BenefitWorks is located in Lebanon, PA. The company was founded more than 35 years ago as Trefsgar & Co., later changing its name to BenefitWorks, Inc. in 2007. The firm specializes in investment advisory services and qualified retirement plan recordkeeping for companies, organizations and individuals throughout the mid-Atlantic region. BenefitWorks had approximately $177 million in assets under management or administration as of September 30, 2020. Fulton Bank has approximately $12 billion in assets under management or administration through its wealth and investment management division, Fulton Financial Advisors.
“Through our acquisition of BenefitWorks, Fulton will be able to reach and serve a greater number of clients in central Pennsylvania,” said Curtis Myers, Chairman and CEO of Fulton Bank. “We respect the business that Brooks Trefsgar and his team have built over the past 35 years and we share their focus on providing personalized financial solutions tailored to each unique client. We have been meeting with BenefitWorks’ clients to share what Fulton has to offer: outstanding service, a solid reputation and best-in-class products.”
“BenefitWorks is excited for our qualified plan clients and our individual investors. Plan sponsors, plan participants and individual investors will all benefit from familiar continued hands-on services and will be the beneficiaries of many Fulton enhancements,” said Brooks Trefsgar, President of BenefitWorks.
BenefitWorks will initially continue to operate as a separate subsidiary of Fulton Bank and, over the next several quarters, BenefitWorks clients will be transitioned to the Fulton Financial Advisors platform.
Securities and Insurance products are not a deposit or other obligation of, or guaranteed by Fulton Bank or any affiliate of the bank; are not insured by the FDIC or any other state or federal government agency, the bank or an affiliate of the bank; and are subject to investment risk, including the possible loss of value.
Investor Contact: Mark McCollom, 717-327-2567