PrimeVest Financial Services, a self-clearing broker-dealer serving financial institutions, has signed with Pennsylvania-based The Honesdale National Bank, and Florida-based Pen Air Federal Credit Union, to full-service brokerage agreements.
Reportedly, both The Honesdale National Bank, with $477 million in assets and Pen Air FCU, with $937 million in assets, have moved to PrimeVest from other broker-dealers. PrimeVest has said that The Honesdale National Bank, which signed a five-year contract, will privately label its investment program as HNB Financial Services. Paul Vitiello will serve as the lead financial professional and Ray Ceccotti will act as program manager.
Pen Air FCU, which signed a three-year contract, will privately label PrimeVest’s investment program under the Pen Air Investments and Insurance moniker. The program will be staffed by Scott Mann, Rodney Randle and Steve O’Reilly who will serve in a dual role as financial professional and program manager.
Catherine Bonneau, president and CEO of PrimeVest, said: “We’re excited to welcome Honesdale and Pen Air into our family. We’re looking forward to helping them serve their clients and members.”
