FNCB Bank Wealth Management Services and Chiaro Investment Services LLC Reach Definitive Agreement … | New

DUNMORE, Pa., Sept. 30, 2022 (GLOBE NEWSWIRE) — FNCB Bancorp, Inc. (NASDAQ: FNCB), the parent company of FNCB Bank (“the Bank”), today announced that it has entered into an agreement to purchase of assets between the Bank’s investment arm, FNCB Wealth Management Services and Chiaro Investment Services, LLC (“CIS”).

Following the closing of the transaction, FNCB Wealth Management Services will operate under a new brand, 1st Investment Services.

1st Investment Services will provide its clients with a full range of offerings, including investment management, brokerage services, insurance planning and retirement services.

“We are extremely pleased to welcome the associates and clients of Chiaro Investment Services to the FNCB family,” said Gérard Champi, President and CEO of FNCB Bank. “The combined experience of our advisory team will benefit the organization and build on an exceptional legacy of serving our clients.”

Currently based in Forty Fort, PA, CEI, is led by James P. Chiaro, CMFC, LPL Financial Advisor. Dunmore-based FNCB Wealth Management Services is led by LPL financial adviser Peter Albano. Mr. Chiaro will be named Director of Investment Services and Executive Vice President upon closing of the transaction, with responsibility for 1st Investment Services. Following the closing of the transaction, the combined teams, operating under 1st Investment Services, will relocate their offices to 1625 Wyoming Avenue, Exeter and 124 South Blakely St., Dunmore.

“I am delighted to join 1st Investment Services,” added James P. Chiaro. “The transaction combines the personalized financial planning and bespoke investment strategies of CIS with the resources and extensive product set of FNCB Bank. I am excited about the unique opportunities this transaction will create for our customers, as well as our employees and business partners. »

The transaction will provide significant opportunities for organic growth throughout Pennsylvania, as well as national expansion, by combining FNCB Wealth Management’s strong roots in Northeast Pennsylvania and CIS clients in 26 states.

1stInvestment services will continue to leverage the LPL Financial Institution Services platform to support their retail advisory and brokerage businesses. With LPL Financial, 1st Investment Services has access to a range of investment solutions and wealth management platforms, as well as the technologically advanced strategies, tools and resources needed to grow and meet client needs.

For more information about 1st Investment Services, visit www.1stinvestmentservice.com or call 570-348-4321.

About ETF Bancorp, Inc.:

FNCB Bancorp, Inc. is the bank holding company of FNCB Bank. Locally based for more than 112 years, FNCB Bank continues to be a leading community bank in Northeastern Pennsylvania – offering a full range of personal, small business and commercial banking solutions with mobile products and services , online and in-branch at the forefront of the industry. FNCB currently operates through 16 community offices located in Lackawanna, Luzerne and Wayne counties and remains committed to making the banking experience for its customers simply better. For more information about FNCB, visit www.fncb.com.


James M. Bone, Jr., CPA

Executive Vice President and Chief Financial Officer


(570) 348-6419



FNCB may from time to time make written or oral “forward-looking statements”, including statements contained in our filings with the Securities and Exchange Commission (“SEC”), reports to shareholders and other communications, which are made in good faith by us pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements regarding FNCB’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, which are subject to significant risks and uncertainties and subject to change based on various factors (some of which are beyond our control)including statements regarding the benefits or effects of the proposed transaction with CIS. The words “may”, “could”, “should”, “will”, “should”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, ” plans”, “projects”, “future” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause FNCB’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the effect of the novel coronavirus disease 2019 pandemic (” COVID-19″) on FNCB and its customers, the Commonwealth of Pennsylvania and the United States, related to the economy, global financial stability and the global supply chain; the COVID-19 pandemic and the measures taken to control its spread; government intervention in the U.S. financial system, including the effects ofactions on interest rates taken by the Federal Open Market Committee,recent legislative, tax, accounting, and regulatory measures and reforms, including, but not limited to, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Dodd Act -Frank on Wall Street reform and consumer protection (the “Dodd-Frank Act” and the Tax Cuts and Jobs Act; political instability; FNCB’s ability to manage the risk of credit; the weak economic environment in general and within the FNCB’s market area; the deterioration of one or some of the commercial real estate loans with relatively large balances contained in the FNCB’s loan portfolio an increased risk of defaults and losses due to the concentration of loans held by the FNCB, including those to insiders and related parties; if the portfolio of FNCB loans to small and medium-sized convenience businesses increases its credit risk; if the ETNF’s ALLL is not sufficient to absorb actual losses or if increases in ALLL were necessary; The FNCB is subject to interest rate risk and any change in interest rates could have a negative impact on the net interest income or the fair value of the financial assets of the FNCB; if management concludes that the decline in value of one of the ETF’s investment securities is other than temporary, this could lead the ETF to recognize an impairment loss; if the FNCB’s risk management framework is ineffective in mitigating risks or losses to the FNCB; if FNCB is unable to successfully compete with others for business; loss of depositor confidence resulting from changes in the financial condition of FNCB or in the banking industry generally; if the ETCF is unable to maintain or increase its core deposit base; inability or insufficiency of dividends from its subsidiary FNCB Banque; if FNCB loses access to wholesale funding sources; interruptions or security breaches of the FNCB’s information systems; any breakdowns or interruptions in the computer and telecommunications systems of third parties on which the FNCB depends; security failures; if FNCB’s information technology is unable to keep pace with growth or changes in the industry or if technological changes result in higher costs or less favorable pricing; loss of management and other key personnel; reliance on the use of data and modeling both in its management’s decision-making generally and to meet regulatory expectations in particular; additional risk arising from new lines of business, products, product enhancements or services offered by FNCB; inaccuracy of valuations and other valuation techniques used by FNCB in the valuation and monitoring of loans secured by real estate and other real estate held; failure of other financial institutions; damage to the reputation of the FNCB; defend litigation and other actions; dependence on the accuracy and completeness of customer and counterparty information; risks arising from future expansion or acquisition activity; environmental risks and associated costs on its foreclosed real estate assets; any ordered corrective action or adverse action taken by federal and state regulators, including the requirement for FNCB to act as a source of financial and management strength for FNCB Bank in times of crisis; costs arising from extensive government regulation, supervision and potential regulatory enforcement actions; new or amended legislation or regulations and regulatory initiatives; non-compliance with and enforcement of bank secrecy and other anti-money laundering laws and regulations; non-compliance with numerous “fair and responsible banking” laws; any violation of privacy, information security and personal information protection laws or any other incident involving the personal, confidential or proprietary information of individuals; any regulatory changes implemented by the Consumer Financial Protection Bureau; the inability to attract and retain its top performers due to potential incentive compensation limitations contained in the federal agency’s proposed regulations; any future increases in FNCB Bank’s FDIC deposit insurance premiums and assessments; and FNCB’s success in managing the risks involved in the foregoing and other risks and uncertainties, including those detailed in FNCB’s filings with the SEC.

FNCB cautions that the foregoing list of important factors is not exhaustive. Readers are also cautioned not to place undue reliance on forward-looking statements, which reflect management’s analysis only as of the date of this report, even if subsequently made available by FNCB on its website or otherwise. FNCB does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of FNCB to reflect events or circumstances occurring after the date of this press release. . Readers should carefully review the risk factors described in the annual report and other documents that ETF periodically files with the SEC, including its Form 10-K for the fiscal year ended December 31, 2021.and Form 10-Q for quarters ended March 31, 2022 and June 30, 2022.


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