Seneca Bancorp, Inc. (SNNF) Form 8-K — Oct 27, 2026
Seneca Bancorp disclosed that on October 21, 2026, its bank subsidiary Seneca Savings Bank, NA and subsidiary Seneca Savings Insurance Agency (Financial Quest) agreed to sell substantially all assets of the Financial Quest financial advisory and retirement plan services business to Boshart Wealth Management, LLC for $1,400,000, with the sale closing on October 26, 2026. The buyer is controlled by Gregory Boshart, an LPL-affiliated advisor transitioning the book of business to Ameriprise Financial, which is funding the purchase price under an offer letter.
Key figures
- Deal Value Usd
- 1400000
- Closing date
- October 26, 2026
- Non compete period
- 3 years
- Indemnification cap
- $500,000
- Name license period
- 18 months
- Lease rent months 1 6
- $2,000/month
- Excluded client assets
- approximately $6,000,000 across five excluded accounts
- Indemnification basket
- $5,000
- Lease rent months 7 12
- $2,500/month
AI analysis
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