Farmington Bank said that the agreement will enables the bank to further meet the needs of customers including high net worth individuals and businesses through enhanced wealth management offerings. The agreement is expected to effective in the first quarter of 2011.
The bank said that current investment customers will be transitioned to Essex Financial Services in an orderly transfer process and current investment professionals will retain their roles and continue to work with customers.
Additional representatives will be added in order to further assist customers with a broad range of financial services.
Farmington Bank chairman, president and CEO John Patrick said that Farmington Bank’s alliance with Essex Financial Services creates a significant wealth management capability for the bank.
Essex Financial Services founder, president and CEO John Rafal said that this new business alliance brings high-quality financial planning services, investment management, trust services, 401(k) planning and pension capabilities to Farmington Bank customers.
