Hennessy Advisors, the Novato-based investment advising firm, continues growth with the acquisition of assets of two Sparx Japan funds, which have roughly $65 million in assets.
Hennessy Advisors will manage Sparx Japan Fund and Sparx Japan Smaller Companies Fund when the transaction is complete. "We look forward to welcoming the Sparx shareholders and the Sparx asset management team to the Hennessy Funds Series family, and we are thrilled to begin offering our first international mutual fund," said Neil Hennessy, chairman, president and chief executive officer of Hennessy Advisors.
Hennessy Advisors Inc. is a publicly traded company. The company reported total assets under management to be $699 million as of March 31.
Summit State Bank is opening a branch in Healdsburg July 13 in the Vine Street shopping center.
"We are thrilled about opening our new branch in Healdsburg. We are proud to support local Healdsburg businesses, which accounted for 80 percent of the 18 subcontractors we used to build our branch," said Tom Duryea, president and CEO of the bank.
There will be four employees in the Healdsburg branch.
Bank of Marin is set to open its Greenbrae branch Sept. 1 of this year.
"Opening a Bank of Marin branch in Greenbrae will fill out our footprint in a market we have long wanted tHennessy Funds o serve. This strategy has been in development for several years, and we are thrilled to see it come to fruition," said Peter Pelham, branch executive.
This will bring Bank of Marin's total number of branches to 13. There will be 10 employees in Greenbrae.
American AgCredit, based in Santa Rosa, has plans in the works to merge with Witchita, Kan.-based Farm Credit of the Heartland.
According to a note in American Ag Credit's financial statement, issued to stockholders in April of this year, the board of directors signed a letter of intent in March to merge with Farm Credit of the Heartland.
According to the letter, the new association will be headquartered in Santa Rosa and will be called American AgCredit.
Both banks are performing due diligence, and a tentative date is set for Dec. 1 of this year.
According to Farm Credit of the Heartland's financial statements, both associations are now in the process of obtaining the necessary approvals from their funding bank, U.S. AgBank, their regulator, the Farm Credit Administration and their stockholders, to allow completion of the merger.
Ron Carli, CEO of American AgCredit, said the organizations are just waiting on the Farm Credit administration to give preliminary approval so ballots can be sent to stockholders for a vote.
"We have gone through numerous mergers," said Mr. Carli, who has been in his position for more than 27 years.
"We cover 38 counties in California and the whole state of Nevada. I believe we are the only merger in the system right now.