August 20, 2008
Pentegra Retirement Services Acquires RSGroup Subsidiaries
Pentegra Retirement Services has acquired Retirement System Consultants, Retirement System Investors, and RSG Insurance Agency, three subsidiaries of the holding company, Retirement System Group and has agreed to purchase its remaining subsidiaries, Trust Company and Retirement System Distributors, pending regulatory approval.
According to Pentegra, the acquisition fits its growth strategies in several key areas. Along with its ties to the banking industry, Retirement System Group (RSGroup) brings regional depth as well as trust and insurance products, including bank-owned life insurance, and registered investment advisory and broker-dealer capabilities to Pentegra.
Clients of RSGroup will continue to be serviced by their accustomed team. RSGroup operations and personnel will operate out of their New York and Connecticut locations and Pentegra's New York headquarters.
Robert Albanese, president and CEO of Pentegra Retirement Services, will oversee all operations for the combined entity.
William Dannecker, retiring chairman of RSGroup, said: "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."