Umbach Financial Group of 122 N. St. Joseph Ave., has acquired F.W. Forbes Financial Group of 8912 Ruffian Way, Newburgh for an undisclosed price, the companies announced Tuesday.
"This acquisition brings together two strong companies, both of similar size, to create a financial services company offering a full spectrum of investment and insurance services," said Robert Woosley, certified financial planner and owner of Umbach Financial Group.
Woosley said Frank Forbes, the owner of Forbes Financial Group, would continue as a consultant to the new firm for the next year. After February, the Forbes office in Newburgh will close, Woosley said. The company would serve all clients from the Umbach Financial offices on St. Joseph Road.
Forbes said Tuesday he was selling the firm to spend more time with Strategic Solutions, an Evansville business founded by his daughter, Kelly Culiver. The company manufactures messaging systems for hospitals, Forbes said.
Forbes, who has had his financial business for 36 years, said he interviewed several financial institutions that were interested in buying the firm, and settled on Umbach Financial Group. He said he had known Woosley for many years.
Woosley said he was looking for a way to grow.
Umbach Financial Group was founded 12 years ago. Originally part of Umbach and Associates, the firm was later owned by Woosley and Albert Umbach, who retained an ownership interest in Umbach and Associates. In 2002, Woosley bought out Umbach and became the sole owner. Today, Umbach Financial Group and Umbach Associates are unaffiliated, though they are neighbors and share the Umbach name, Woosley said.
The combined company will have clients in 10 states, including Indiana, Kentucky and Illinois, Woosley said. Woosley would not disclose the purchase price.