Seneca Bancorp in Baldwinsville, N.Y., sold its wealth management business.
The company disclosed in a regulatory filing that it agreed to sell Financial Quest and Financial Quest Retirement Plan Services to Boshart Wealth Management for $1.4 million.
At the closing, the bank will lease a portion of its premises for an initial one-year term at a monthly rent of $2,000 for the first six months and $2,500 for the next six months. There is a six-month extension option and a mutual right to terminate on three months’ notice.