LPL Financial Welcomes Peoples Security Bank & Trust

• Pennsylvania-based Bank Consolidates On LPL's Platform to Enable Significant Expansion of Its Wealth Management Program.  
• Bank also Announces Acquisition of Edward J. Gilmartin/Gilmartin Associates, an Asset Management and Retirement Services Firm. 

CHARLOTTE, N.C., Jan. 13, 2016 (GLOBE NEWSWIRE) -- Leading retail investment advisory firm and independent broker/dealer LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), today announced that Peoples Security Bank & Trust (Peoples), a 25-branch bank and trust company based in Scranton, Pa., has joined LPL's Institution Services platform.  Peoples announced that its decision was made in support of its efforts to grow its wealth management business and that the move will enable it to streamline its operations by consolidating its investment services onto a single broker/dealer platform. Peoples reported that it served approximately $750 million in wealth management assets, including investment management and trust accounts, as of Dec. 31, 2015*.

In further support of its strategy to grow its wealth management business, Peoples also reported that it has acquired the asset management and retirement plan services of Edward J. Gilmartin/Gilmartin Associates of Scranton. Gilmartin reported that he served approximately $120 million in assets, as of Nov. 15, 2015*. Gilmartin has joined the bank's wealth management group as managing director of retirement plan services.

Peoples Security Bank & Trust Company was formed in 2013 following the merger of Peoples Neighborhood Bank with Penn Security Bank & Trust. The merged entity has served many clients in the Pennsylvania's Marcellus Shale oil and gas region, and until now has maintained two broker/dealer platforms from each of its legacy firms.

"We are at a pivotal stage in the rebranding of our wealth management program and we are very pleased to gain the support of LPL as we focus on an improved client experience and extending the financial services we offer to our community," said Bradley S. Grubb, president of Peoples Security Trust/Wealth Management. "We look forward to consolidating our enhanced services onto the LPL platform, and to take advantage of the breadth and depth of resources that LPL has to offer."

"We also welcome Ed Gilmartin and his team, with their long history of serving the retirement planning needs of businesses throughout the northeastern Pennsylvania community," said Grubb. "We now have the opportunity to offer a greater array of products and services, including estate planning through our wealth management team, as well as the lending and commercial services available through the bank."

In addition to Gilmartin Associates, Peoples currently has five advisors serving its branches across eastern Pennsylvania and upstate New York. The bank has plans to increase this number to as many as 20 advisors and to expand its wealth management program to include a comprehensive offering of brokerage, financial advisory, wealth management, retirement planning, insurance and trust services for clients ranging from mass-affluent retail clients to high-net-worth individuals and families, as well as institutions.

"We are excited to support the growth of Peoples' wealth management program with the resources, tools and technology that are designed to serve the bank's diverse range of clients," said Craig Kamis, LPL senior vice president, institution business development. "We look forward to working with them to help them rebrand their wealth management services and to help them considerably expand those services to address the financial objectives of a growing clientele."

*Asset numbers reported by Peoples Security Bank & Trust Company and Gilmartin Associates were each based on prior business and have not been independently and fully verified by LPL Financial.

About Peoples Security Bank & Trust

Established in 1905, Peoples Security Bank & Trust Company is headquartered in eastern Pennsylvania with a footprint stretching from upstate New York down through the Lehigh Valley in Pennsylvania. With 25 branch offices and total deposits of $1.7 billion, Peoples Security Bank & Trust offers access to a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. Peoples Security Bank & Trust is a subsidiary of Peoples Financial Services Corp. (NASDAQ:PFIS). 

About LPL Financial 
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), is a leader in the retail financial advice market and currently serves $462 billion in advisory and brokerage assets. LPL is one of the fastest growing RIA custodians and is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2015). The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 banks and credit unions, enabling them to help their clients turn life's aspirations into financial realities. Advisors associated with LPL also service an estimated 40,000 retirement plans with an estimated $115 billion in retirement plan assets, as of September 30, 2015. LPL also supports approximately 4,300 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have 3,413 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com. 

Securities and Advisory Services offered through LPL Financial. A registered investment advisor, Member FINRA/SIPC

Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Peoples Security Bank & Trust deposits and are not FDIC insured. These products are not obligations of Peoples Security Bank & Trust and are not endorsed, recommended or guaranteed by Peoples Security Bank & Trust or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. Peoples Security Trust/Wealth Management and Peoples Security Bank & Trust are not registered broker/dealers and are not affiliated with LPL Financial.

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