Meridian Bank expects big returns from its recent investment in a Plymouth Meeting wealth management firm.
The Malvern-headquartered community bank has quadrupled its annual revenue in that department — jumping from $1 million to $4 million — by acquiring HJ Wealth Management.
“We are trying to keep our income diversified,” CEO Chris Annas said in a Philadelphia Business Journal report by Jeff Blumenthal. “Wealth and mortgage help offset the whipsaw of rates.”
Meridian aims to close the deal April 1, and debut its new combined 12-person team later that month at a new Blue Bell facility that will also be home to 70 mortgage professionals.
The merger bumps Meridian’s assets under management from $300 million to $700 million, and Annas has his eyes set on $1 billion by the conclusion of the year, a timeframe that may also include an initial public offering.
Read more about the acquisition in the Philadelphia Business Journal here, and check out previous VISTA Today coverage of Meridian Bank here.
