WESTWOOD, N.J., Jan. 12, 2021 /PRNewswire/ — Modera Wealth Management, LLC (Modera) and Independence Advisors, LLC (IA) merged on December 30, 2020. The firm operates under the name of Modera Wealth Management, LLC, with combined regulatory assets under management of approximately $4.4 billion (as of 12/31/2019), over 1,900 clients across 40 states, 81 employees, and an office presence in Massachusetts, New Jersey, Pennsylvania, Georgia, North Carolina, and Florida. IA Principals Charles Boinske, CFA®, Mark Rioboli, CFP®, CFS, and Patrick Runyen, CPA/PFS, CFP® continue as Principals of the combined firm, bringing the total number of employee-owners to twenty and positioning Modera Wealth Management strongly for multi-generational stability.
Both firms share a history rooted in transparency and a client-first philosophy. Independence Advisors was named after its commitment to the independent, fee-only model. Like IA, Modera was founded on the premise of unbiased financial advice in the best interest of clients.
“This merger is a natural partnership of two firms rooted in independence and transparency,” said Charles Boinske, CFA®, Founder of Independence Advisors. “We believe this synergy will enhance the experience we can provide to all of our clients.”
The merger of the two firms adds a depth of talent and specialization in areas such as tax planning, estate planning, and business retirement planning, as well as enhanced client service capabilities and state-of-the-art technology that will allow the firm to serve many different types of clients and their changing needs.
Adds Robert Siefert, CFP®, President and Principal of Modera, “Growing our firm in order to better serve clients, as well as offer additional resources and opportunities to our staff, is important to us.”
TRIA Capital Partners Invests in Modera Wealth Management
TRIA Capital Partners (TCP) closed on an investment in Modera Wealth Management as of December 31, 2020 as a non-control, minority equity partner. The partnership with TCP facilitates Modera's commitment to independence and vision for long-term sustainability by providing a source of outside expertise and capital for key strategic initiatives, such as succession planning, attracting and retaining top-tier advisory talent, and developing the capabilities necessary for serving future generations of clients.
“We want to be around for our clients, and also our clients' grandkids and great grandkids.” says Modera's Chief Executive Officer Tom Orecchio, CFA®, CFP®, CHFC®, AIF®. “We're excited about the long-term benefits this consultative partnership will bring to both our clients and employees, while being able to stay true to our values and history.”
With the assistance of Park Sutton Advisors, Modera identified TCP as a potential equity partner that stood out from other firms due to TCP's ability to commit financially over the long-term, and its shared vision for and extensive experience in the wealth management industry. The three founders, Yvonne Kanner, Benjamin Robins, and Steven Cortez were previously partners at Fiduciary Network.
“We are honored that Modera chose to partner with TRIA in support of their long-term independence and the multi-generational promises that they make to their clients,” says Robins. “We are great admirers of the entire Modera team and their uncompromising commitment to the fiduciary standard. With a deep bench of advisory professionals, full-service wealth management capabilities and top-notch operational platform, the firm is an industry leader in every respect.”
“I first met Tom Orecchio 10 years ago, shortly after the combination of Modera with Back Bay Advisors,” adds Steven Levitt, Founder of Park Sutton Advisors. “It has been wonderful to witness Modera's organic and inorganic growth across the Eastern Seaboard since then. It was such a privilege for Annie Tronoski and me to advise Modera on the selection of an equity capital partner.”
Modera is a fee-only, independently owned and operated financial planning firm that acts as a fiduciary for its clients. Modera has offices in six states serving the needs of individuals, families, trusts, institutions, and philanthropic organizations. Read more at www.moderawealth.com.
About TRIA Capital Partners
TRIA Capital Partners provides customized financing solutions to leading wealth management firms that require outside capital but want to remain majority owned and controlled by their employees. The executive team is led by co-Managing Partners Steve Cortez, Yvonne Kanner, and Benjamin Robins. For more information, visit: www.triacapitalpartners.com
About Park Sutton Advisors
Founded in 2008, Park Sutton Advisors is a leading investment banking boutique that specializes in the financial services sector. The firm advised on 16 transactions during 2020.
Tom Orecchio, CFA®, CFP®, CHFC®, AIF®, Chief Executive Officer, Principal & Wealth Manager at Modera Wealth Management: [email protected]
Kevin Sweeney, JD, CFP®, Chief Legal Officer, Principal & Wealth Manager at Modera Wealth Management: [email protected].
Modera Wealth Management, LLC (Modera) is an SEC registered investment adviser with places of business in Massachusetts, New Jersey, Pennsylvania, North Carolina, Georgia, and Florida. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. For information pertaining to our registration status, fees and services and/or a copy of our Form ADV disclosure statement, please contact Modera or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov). A full description of our business operations and service offerings is contained in our Disclosure Brochure which appears as Part 2A of Form ADV.
Senior Marketing Manager
SOURCE Modera Wealth Management
WesBanco Announces March Investor Conference Schedule
WHEELING, W.V., Feb. 26, 2021 /PRNewswire/ — WesBanco, Inc. (Nasdaq:WSBC), a diversified, multi-state bank holding company announced today that Todd F. Clossin, President and Chief Executive Officer, and Robert H. Young, Senior Executive Vice President and Chief Financial Officer, are scheduled to participate in the following virtual investor conferences.
The Raymond James 42nd Annual Institutional Investors Conference to be held on Wednesday, March 3, 2021. In addition, Mr. Clossin and Mr. Young will participate in a fireside chat on Wednesday, March 3, 2021 at 7:30 a.m. Eastern Time, which will be webcast. Interested parties can access a live webcast of the presentation through the Investor Relations section of the Company's website, www.wesbanco.com. An archive of the webcast will also be available on the Investor Relations section of the Company's website for one year.
The RBC Capital Markets Global Financial Institutions Conference to be held on Wednesday, March 10, 2021. This conference does not include a formal presentation; therefore, no webcast will be available.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel. Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share. Built upon our 'Better Banking Pledge', our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively. In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $5.0 billion of assets under management (as of December 31, 2020). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 212 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.
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SOURCE WesBanco, Inc.
Magyar Bancorp, Inc. Announces Adoption of Plan of Conversion for Second-Step Stock Offering
NEW BRUNSWICK, N.J., Feb. 26, 2021 /PRNewswire/ — Magyar Bancorp, Inc. (NASDAQ: MGYR) (the “Company”), parent company of Magyar Bank, announced today that its Board of Directors, together with the Board of Directors of Magyar Bancorp, MHC (the “MHC”), has adopted a Plan of Conversion and Reorganization (the “Plan of Conversion”).
Pursuant to the Plan of Conversion, the Company will reorganize into a fully public stock holding company structure and as part of the conversion will conduct a second-step stock offering of new shares of common stock.
As part of the conversion, the MHC will merge into the Company and will cease to exist, and shares of the Company's common stock held by persons other than the MHC will be exchanged for new shares of the Company's common stock pursuant to an exchange ratio generally intended to preserve the percentage ownership interests of such persons in the Company upon consummation of the conversion. Shares of Company common stock owned by the MHC will be canceled and the amount of the MHC's ownership interest in the Company will be sold through the second-step stock offering. In the stock offering, depositors of Magyar Bank with qualifying deposits as of December 31, 2019 will have first priority to purchase the new shares of common stock.
The conversion and offering will have no impact on depositors, borrowers or other customers of Magyar Bank. The transactions contemplated by the Plan of Conversion are subject to approval by the Company's stockholders (including approval by a majority of the shares held by persons other than the MHC), the depositors of Magyar Bank, the Board of Governors of the Federal Reserve System and the New Jersey Department of Banking and Insurance.
A prospectus or proxy statement/prospectus, as applicable, and other materials containing detailed information relating to the Plan of Conversion, details of the offering, and business and financial information about the Company will be sent to stockholders of the Company and depositors of Magyar Bank following receipt of regulatory approval.
Certain statements contained herein constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “may,” “will,” “would,” “intend,” “believe,” “expect,” “plan,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the failure to obtain the approval of the Board of Governors of the Federal Reserve System and/or the New Jersey Department of Banking and Insurance for the proposed conversion and related stock offering, delays in obtaining such approvals, or adverse conditions imposed in connection with such approvals; those related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; the effects of any pandemic, including COVID-19; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission, which are available at the SEC's website, www.sec.gov.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
About Magyar Bancorp, Inc.
Magyar Bancorp, Inc. is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Magyar Bank operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison (2). Please visit us online at www.magbank.com.
Important Additional Information and Where to Find It
In connection with the proposed transaction, Magyar Bancorp, Inc. will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 that will include a proxy statement of the Company and a prospectus for the shares of common stock being offered, as well as other relevant documents concerning the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT, AND THE PROSPECTUS CAREFULLY WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When filed, these documents and other documents relating to the proposed transaction can be obtained free of charge from the SEC's website at www.sec.gov. Alternatively, these documents, when available, can be obtained free-of-charge from the Company upon written request to Magyar Bancorp, Inc., 400 Somerset Street, New Brunswick, New Jersey 08901, Attention: John Reissner, or by calling (732) 214-2083.
Participants in the Solicitation
The Company and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies with respect of the proposed transaction. Information regarding the Company's directors and executive officers is available in its definitive proxy statement for its Annual Meeting of Stockholders for the year ended September 30, 2020, filed with the SEC on January 6, 2021. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement, the prospectus, and other relevant materials filed with the SEC, as described above.
This release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of the Company's common stock are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
SOURCE Magyar Bancorp
ProStar Launches “The PointMan Dealer Program”
GRAND JUNCTION, Colo., Feb. 26, 2021 /PRNewswire/ — ProStar Holdings Inc. (ProStar™ or the Company) (TSXV: MAPS) (FSE: 5D00) a world leader in precision mapping solutions, is pleased to announce the official launch of “The PointMan® Dealer Program” . The program enhances the sales and marketing of PointMan with world leading GPS/GNSS and Electro magnetic (EM) equipment manufacturers including Trimble (NASDAQ: TRMB), Vivax-Metrotech, Radiodetection®, and Subsite® Electronics. After a successful pilot with a select group of Trimble dealers in the United States , the PointMan Dealer Program is now being expanded to multiple industry leading equipment distributors across North America.
PointMan® is ProStar's flagship product. PointMan is a patented mobile mapping software application that captures, records, and displays the precise location of surface and subsurface infrastructure including buried utilities and pipelines.
“Joining ProStar's PointMan Dealer Program has enabled us to grow and further support our Subsurface Utility Engineering customers,” said David Siddle of Frontier Precision, Trimble's 2019 Worldwide Geospatial Dealer of the Year. “PointMan seamlessly integrates with our Trimble Survey and Mapping hardware, offering a complete utility mapping solution from asset data collection to plan and profile to stake out.”
ProStar has partnered with several leading equipment manufacturers to integrate their hardware with the ProStar's precision mapping solution in order to enhance the performance and user experience of the manufacturers products and to create a value-added partnership. The PointMan Dealer Program is a dedicated initiative for select dealers of GPS/ GNSS, utility data collection devices and engineering and survey equipment to promote and sell best in class products.
“Our goal of the PointMan Dealer Program is to create a powerful consortium between ProStar, the equipment manufacturers and their dealer networks around the world,” said Page Tucker CEO and Founder of ProStar. “This launch follows a very successful pilot with the largest Trimble dealers in the world and is a major step in achieving that goal.”
About ProStar (TSXV: MAPS) (FSE: 5D00)
ProStar specializes in the development of Precision Mapping Solutions. ProStar's Solution is patented, natively cloud and mobile, and offered as a SaaS recurring revenue model. ProStar's Solution is designed to improve the business operations of any industry that requires the precise location of subsurface infrastructure including utility, oil & gas, construction, engineering & surveying, 811 and contract locating.
ProStar's Solution enables real-time access to precise location information where and when it is most needed. Knowing the type, precise location, and condition of what lies below the earth's surface can significantly reduce costs, decrease liabilities, improve environmental stewardship and increase productivity during construction and maintenance activities. For more information, please visit: www.prostarcorp.com.
Investor Relations Support
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Company's future plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the technology sector; recent market volatility; the COVID-19 pandemic; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The reader is referred to the Company's recent Information Circular filed on SEDAR on November 20, 2020 for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through the Company's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE ProStar Holdings Inc.
WesBanco Announces March Investor Conference Schedule
WHEELING, W.V., Feb. 26, 2021 /PRNewswire/ — WesBanco, Inc. (Nasdaq:WSBC), a diversified, multi-state bank holding company announced today that Todd...
ProStar Launches “The PointMan Dealer Program”
GRAND JUNCTION, Colo., Feb. 26, 2021 /PRNewswire/ — ProStar Holdings Inc. (ProStar™ or the Company) (TSXV: MAPS) (FSE: 5D00) a world leader...
Magyar Bancorp, Inc. Announces Adoption of Plan of Conversion for Second-Step Stock Offering
NEW BRUNSWICK, N.J., Feb. 26, 2021 /PRNewswire/ — Magyar Bancorp, Inc. (NASDAQ: MGYR) (the “Company”), parent company of Magyar Bank, announced...
Motto Mortgage Network Closes Nearly $2.5 Billion in Loan Volume in 2020
DENVER, Feb. 26, 2021 /PRNewswire/ — Motto Franchising, LLC today announced that the Motto Mortgage network of offices closed almost $2.5 billion...
Byrna Technologies Inc. Reports Record Fourth Quarter And Full Fiscal 2020 Results
Fiscal 2021 Outlook Calls for Strong Revenue Growth Driven by Robust Demand, New Product Innovations, Greater Production Capacity and Dynamic...
Productive Illinois farmland offered in March auction
HILLSBORO, Ill., Feb. 26, 2021 /PRNewswire/ — Approximately 899 acres of productive farmland in Illinois' Montgomery and St. Clair counties will...
ATFX partners with new Prime Broker as part of its business expansion
LONDON, Feb. 26, 2021 /PRNewswire/ — ATFX, a global institutional broker and regulated by the UK's Financial Conduct Authority, have added...
J.P. Morgan Asset Management Launches Two Hedged Equity Funds: JHQDX and JHQTX
NEW YORK, Feb. 26, 2021 /PRNewswire/ — J.P. Morgan Asset Management today announced the launch of two Hedged Equity funds: JPMorgan Hedged Equity...
Florida cities are generating revenue with Passport's technology
CHARLOTTE, N.C., Feb. 26, 2021 /PRNewswire/ — Cities throughout the state of Florida are choosing transportation software leader, Passport, to streamline...
Mogul Partners with Polygon; Prepares For Influx of Blockchain User Growth
BEVERLY HILLS, Calif., Feb. 26, 2021 /PRNewswire-PRWeb/ — Mogul Productions, the decentralized film financing (DeFiFi) platform, has partnered with Polygon...