Seneca Bancorp, Inc. has entered into an agreement to sell the business assets of its subsidiary, Seneca Savings Insurance Agency, Inc., doing business as Financial Quest. The transaction was finalized on October 26, 2026, following the signing of the Asset Purchase Agreement on October 21, 2026.
Under the terms of the agreement, Seneca Savings Bank, NA (the Bank) and Financial Quest will sell substantially all of the business assets of Financial Quest’s financial advisory and investment services business to Boshart Wealth Management, LLC. The purchased assets include the retail investment advisory and brokerage business, as well as the company-sponsored retirement plan services business.
The purchase price for the transaction is set at $1,400,000. As part of the deal, the Sellers and their affiliates are prohibited from competing with the Buyer for a period of three years following the closing. This restriction includes a ban on soliciting or accepting business from the Buyer’s clients or soliciting the Buyer’s employees.
In addition to the asset sale, the Bank will lease a portion of its premises to Boshart Wealth Management, LLC. The lease agreement has an initial term of one year, with a monthly rent of $2,000 for the first six months and $2,500 for the remaining six months. The lease includes a six-month extension option and allows for mutual termination with three months' notice.
