Pennsylvania-based Willow Financial Bank has acquired Carnegie Wealth Management, a $200 million wealth management firm also based in Pennsylvania. The acquisition brings Willow's total assets under management to over $900 million. Financial terms were not disclosed. Founded in 1985, Carnegie provides investment consulting services to retirement plan administrators, foundations, corporations and high net worth investors. It has clients in 40 states across the US. Roy Johnston, owner of Carnegie will join the Willow executive staff and will continue to manage Carnegie's operations. "This transaction fits perfectly with our strategy to diversify our core banking business through the acquisition of entrepreneurial fee-based businesses," says Donna Coughey, Willow's president and chief executive. "Carnegie is a strong addition to our wealth management operation." The acquisition is expected to close upon receipt of regulatory approval.