MainSource Bank, a subsidiary of MainSource Financial, has agreed to acquire Kentucky-based First Service Capital Management’s assets under management, as well as its' staff to expand its wealth management business.
First Service is an independent firm that provides securities through financial services provider Raymond James Financial Services.
First Service’s financial advisor team along with owner Gary Bowers will join MainSource Investment Services, which operates within wealth management division of MainSource Bank.
First Service Capital Management’s current office location in Elizabethtown will continue to house the investment services team, MainSource Bank said.
MainSource Financial senior vice president-director of wealth management Dan Anderson said: "We are excited to announce the partnership between MainSource Investment Services and First Service Capital Management, Inc. Because both firms offer securities through Raymond James Financial Services, current clients of First Service Capital Management will experience no changes in their accounts or services.
“The current staff are a welcome addition to the MainSource team and will continue to service their clients as they have in the past."
Commenting on the acquisition, Bowers said: “This partnership is a win-win situation for our customers, our business and MainSource. We are happy to continue offering the local, personalized service our clients have come to expect, while maintaining a relationship with Raymond James Financial Services."