The bank, one of the largest in the county, said it plans to purchase 10-year-old Renaissance, making it a wholly-owned subsidiary. According to a statement, Renaissance will continue as an independent investment adviser and will operate separately and distinctly from Legacy Portfolio Management.
Legacy Chairman J. Williar Dunleavy said the investment is a win-win, since both companies will be able offer clients alternatives in financial counseling and investment management.
Renaissance President and Managing Director H. Ashley Smith Jr. said the company's investment philosophy won't change and that clients will continue to see their same investment managers. "We will maintain our name as well as our South Street offices."
Renaissance's track record and financial strength attracted Legacy, said Smith.
Both men said a "seamless transition" is expected and that clients should notice no change. The transaction is expected to be completed by April 30.
Legacy Banks is headquartered in Pittsfield and employs 186 people in 19 offices throughout Western Massachusetts and eastern New York. Renaissance lists seven officers and counselors and manages a $95 million portfolio.