HARRISBURG, PA--(Marketwired - Sep 12, 2016) - Riverview Bank (OTCQX: RIVE) is pleased to announce the acquisition of the Sunbury, PA independent financial services firm, Shrawder Financial Services, its second announced wealth management acquisition since May 2016. Shrawder Financial Services will continue to operate from its current Sunbury office location under the name Riverview Wealth Management, a Division of Riverview Bank, and will continue to utilize LPL Financial LLC as the broker dealer of record as both Shrawder and Riverview have a relationship with LPL. Additionally, Laura Shrawder-Miles, a long term, experienced financial advisor, will remain with Riverview in a leadership capacity and shall continue to service existing clients as they continue to work directly with Laura form her current Sunbury location.
Shrawder Financial Services has successfully served the Sunbury and surrounding markets since 2005, developing financial strategies with the client's vision as a guide. According to Brett D. Fulk, Riverview Financial Corporation President, "Laura Shrawder-Miles, CEO of Shrawder Financial Services, is the embodiment of the talent, drive, character, vision, leadership, and the style of professional financial guidance provided that Riverview seeks as it considers potential new partnerships with independent advisors looking for the kind of mutually beneficial relationship we offer." Fulk added, "We look forward to supporting Laura as she continues to operate as she has as an independent advisor, providing both she and her client base with additional support, products and services for the benefit of her valued clients."
With extensive experience in wealth management, Laura Shrawder-Miles started, owned and operated Shrawder Financial Services over the past eleven (11) years. Previously, she was an investment advisor representative at other Central Susquehanna Valley financial institutions, which she contends were all quite different than the opportunity provided with Riverview. "Riverview Wealth Management has a different, comprehensive model when compared to my past experiences with financial institutions," stated Shrawder. "While offering financial advisory services to their clients, Riverview favors an independent model of operation for their financial advisors, valuing their franchise, entrepreneurial mindset and spirit, talent, work ethic, and importance of the valued local relationships, which is why I will continue to operate from my current location. However, Riverview does offer additional support in terms of administrative personnel, capital and expansion opportunities that are largely unavailable to many independent firms on their own." Shrawder concluded, "This combination will be mutually beneficial, but one of the most important aspects for me was the long term stability and support for my clients, without having to sacrifice the independent nature of how I built my business."
Given that both companies are LPL service providers, Shrawder said she expects client transition to be seamless. "Riverview's style of service will be a good fit for my existing clientele and I am excited to be in a position to add retail investment clients from Riverview's branch network in the near future," she said.
Brett Fulk also noted, "Several recent wealth management acquisitions have resulted in Riverview's ability to increase Wealth Management assets under management (AUM) by more than 50% since year end 2015, while at the same time expanding both advisory teams and support networks to better service clients. As we continue to focus on our strategy of expanding wealth management and trust sources of fee income, we welcome opportunities to share our long term independent advisor wealth management platform strategy with other independent advisors who are faced with ever increasing challenges including operational support, succession planning, lack of resources, referrals, etc."
Riverview Financial Corporation trades on the OTCQX market under the ticker symbol RIVE. Riverview has consolidated assets of $536.9 million, and is the bank holding company for its wholly owned subsidiary, Riverview Bank, which serves the communities of Somerset, Dauphin, Schuylkill, Berks, Perry, and Northumberland Counties.
Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Riverview Financial Corporation, Riverview Bank, Riverview Wealth Management and Shrawder Financial Services are not affiliated with LPL Financial. The investment products sold through LPL Financial are not insured Riverview Bank deposits and are not FDIC insured. These products are not obligations of the Riverview Bank and are not endorsed, recommended or guaranteed by Riverview Bank or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed and loss of principal is possible.
Photo Caption: Laura Shrawder-Miles, Investment Advisor Representative, Riverview Wealth Management, A Division of Riverview Bank