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Malvern, PA based Meridian Bank looks set to acquire fellow PA based HJ Wealth Management. This acquisition will allow Meridian Bank to focus more on the financial planning aspects of their business, attaining the $500m that HJ Wealth Management previously had under management.
Mr. Annas, who founded the Malvern-based bank in 2004, had until recently focused on growing the bank's mortgage business, which includes 15 loan production offices and 125 loan officers that originated nearly $900 million worth of mortgages last year. The bank, which has $750 million in assets, including $650 million worth of loans, and $600 million in deposits, last year raised $15 million in new capital from five private equity firms that put the bank in shopping mode. "We raised that money for growth and future acquisitions," Mr. Annas said. "We will probably be raising some more money toward the end of the year, and we are investigating the possibility of listing our stocks."
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