Pentegra Retirement Services Acquires Retirement System Group Inc. Subsidiaries
Posted on: Tuesday, 19 August 2008, 09:00 CDT
WHITE PLAINS, N.Y., Aug. 19 /PRNewswire/ -- Pentegra Retirement Services, a national provider of retirement products and services specializing in the banking and credit union markets, has acquired Retirement System Consultants Inc., Retirement System Investors Inc. and RSG Insurance Agency, three subsidiaries of the holding company, Retirement System Group Inc. (RSGroup(R)), a regional retirement firm in the Northeast, and has agreed to purchase RSGroup Trust Company and Retirement System Distributors Inc., the remaining subsidiaries of RSGroup, pending regulatory approval.
Robert C. Albanese, President and CEO of Pentegra Retirement Services, will oversee all operations for the combined entity. "RSGroup brings regional depth as well as new capabilities to Pentegra," Albanese said. "The fit between the two organizations is ideal."
"Both Pentegra and RSGroup were established in the 1940s as pioneers in offering retirement services for the banking industry. This acquisition builds upon our common strengths and will greatly benefit clients," added William Dannecker, RSGroup's retiring Chairman.
The acquisition fits Pentegra's growth strategies in several key areas. Along with its strong ties to the banking industry, RSGroup brings regional depth as well as trust and insurance products, including BOLI, and registered investment advisory and broker-dealer capabilities to Pentegra. "The combined entity will increase our ability to meet client needs in a range of industries and offer a broader array of retirement products and services," noted Albanese.
Clients of RSGroup will continue to be serviced by their accustomed team. RSGroup operations and personnel will operate out of their New York and Shelton, CT locations and Pentegra's White Plains, NY headquarters.
Pentegra Retirement Services is a leading provider of retirement products and services to financial institutions nationwide. Founded by the Federal Home Loan Bank System in 1943, Pentegra offers a full range of retirement programs, including 401(k) plans, defined benefit pension plans, ESOPs, KSOPs, profit sharing plans, executive benefit and director plans, and full-service private label retirement programs.
For more information, go to http://www.pentegra.com/ Contact: Sherry Horowitz Horowitz-Harnick Communications (516) 487-5703 sherryhorowitz@yahoo.com Gwen Burroughs Chief Marketing Officer Pentegra Retirement Services 914-821-9430 gburroughs@pentegra.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com/.
Pentegra Retirement Services
CONTACT: Sherry Horowitz of Horowitz-Harnick Communications for PentegraRetirement Services, +1-516-487-5703, sherryhorowitz@yahoo.com; or GwenBurroughs, Chief Marketing Officer of Pentegra Retirement Services,+1-914-821-9430, gburroughs@pentegra.com
Web site: http://www.pentegra.com/
Source: PRNewswire
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