According to a press release, Pentegra 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), a regional retirement firm in the Northeast. Pentegra 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 in the announcement. “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.
Pentegra said that, along with its 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, Connecticut locations and Pentegra’s White Plains, New York headquarters.
Founded by the Federal Home Loan Bank System in 1943, Pentegra offers a 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. More information is available at http://www.pentegra.com