MassMutual Greater Philadelphia said it merged with PennWood Financial Group, which has a main office in South Whitehall Township.
With affiliated PennWood Financial offices that include East Stroudsburg and Schuylkill Haven, the merger expands MassMutual Greater Philadelphia’s Greater Lehigh Valley footprint.
With the merger complete as of last week, MassMutual Greater Philadelphia, based in Bala Cynwyd, will add more than 175 advisers, representing more than $2.38 billion of assets serviced. PennWood Financial has about 50 advisers and about 12 support staff members that will join MassMutual Greater Philadelphia, said Cynthia St. Pierre, vice president of marketing for the firm.
With the merger, MassMutual does not plan to lay off any employees, she said.
All 15 PennWood Financial offices will become MassMutual Greater Philadelphia offices, she said.
Prior to the merger, MassMutual Greater Philadelphia, which is independently owned, did not have any offices in that region, she said.
“This is really a great opportunity for growth,” St. Pierre said. “We did not have offices there. There’s definitely an energy and a buzz up there, and it’s an opportunity to expand our footprint.”
PennWood Financial Group provides financial services and products that include investments, mutual funds, trust services and annuities.