SOCIETY CORPORATION ANNOUNCES THE COMPLETION OF ITS ACQUISITION OF SCHAENEN WOOD & ASSOCIATES, INC.
CLEVELAND, Oct. 7 /PRNewswire/ -- Society Corporation (NYSE: SCY), an Ohio-based financial services company, today announced the completion of its acquisition of Schaenen Wood & Associates, Inc., a New York-based investment management firm. This was a cash purchase and terms were not disclosed. Schaenen Wood & Associates, Inc. is a privately held corporation owned by its principal officers and Prenor Financial, Ltd., a Canadian financial services firm. Schaenen Wood manages about $1.2 billion in assets. Clients include pension and profit sharing plans, endowments, foundations, municipalities, Taft-Hartley plans, mutual funds and individuals. The investment firm will retain the name Schaenen Wood & Associates, Inc., and will continue to be managed by Michael Schaenen, president and CEO. Schaenen Wood will be a subsidiary of Society Asset Management, Inc. "This exciting acquisition broadens our customer base and gives Society access to new channels for distributing investment management products," said Robert W. Gillespie, chairman and chief executive officer of Society Corporation. "Schaenen Wood has an investment philosophy similar to our own, and the addition of this new subsidiary represents an important step in building Society's investment management business." As of June 30, 1993, Society had $26 billion in assets, $1.9 billion in equity capital, $4.1 billion in market capitalization and offices in Ohio, Indiana, Michigan, Florida, New York, Colorado, Missouri and Texas. Through its affiliates, Society engages in commercial banking, consumer banking, mortgage banking and leasing, and investment management and trust services. Society has assets under management of approximately $25 billion, ranking it among the largest money managers in the nation. -0- 10/7/93 /CONTACT: Mindy Samay (media), 216-689-7195, or Jay Gould (investors), 216-689-4721, both of Society Corporation/ (SCY)
CO: Society Corporation; Schaenen Wood & Associates, Inc. ST: Ohio, New York IN: FIN SU: TNM
AR -- CL028 -- 9902 10/07/93 16:46 EDT
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|Date:||Oct 7, 1993|
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