News
January 19, 2011
Horsham, PA, January 3, 2011 – The Penn Mutual Life Insurance Company today announced that Pennsylvania Trust Company's executive officers under the leadership of Richardson T. Merriman, President & Chief Executive Officer, and George C. McFarland, Jr., Senior Vice President, have made application to the Secretary of Banking of the Commonwealth of Pennsylvania for permission to purchase Pennsylvania Trust, a wholly-owned wealth advisory subsidiary of Penn Mutual. Pennsylvania Trust was founded by Merriman in 1986, and became a wholly-owned subsidiary of Penn Mutual in 1991. Since that time, Pennsylvania Trust has consistently grown its assets under management and client relationships. Pennsylvania Trust currently manages approximately $1.7 billion in client assets.
According to Penn Mutual Chairman & Chief Executive Officer, Robert E. Chappell, the move is a strategic business decision for both companies. "While Pennsylvania Trust has been very successful in maintaining and growing its business, and has a splendid reputation for client satisfaction, the firm’s strength is in being a high-touch trust company in the greater Delaware Valley," he said. "Their presence does not match that of Penn Mutual's national footprint, or of Janney Montgomery Scott's east coast regional footprint. We believe that Pennsylvania Trust's owner-operator model will enhance its ability to grow successfully and allow it to become an even greater force in this region in the future."
Janney Montgomery Scott LLC has been part of the Penn Mutual family since 1982. It will continue to play an essential role with Penn Mutual, by focusing its efforts on building its Private Client and Capital Markets groups.
About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC.
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