Seneca Bancorp, Inc. filed a Form 8-K on October 27, 2026, disclosing that its subsidiary Seneca Savings Bank, NA completed the sale of its Financial Quest financial advisory and investment services business to Boshart Wealth Management, LLC for $1,400,000, with the transaction closing on October 26, 2026.

Key Highlights

  • Sale price: The Business was sold for a purchase price of $1,400,000.
  • Buyer: Boshart Wealth Management, LLC, whose sole member and manager is Gregory Boshart, acquired substantially all business assets of Financial Quest.
  • Business sold: The assets include Financial Quest's retail investment advisory and brokerage business and its company-sponsored retirement plan services business.
  • Closing date: According to the filing, the sale of the Business was completed on October 26, 2026.
  • Non-compete: For three years following the closing, the Sellers and their affiliates may not compete with the Buyer in connection with the purchased assets, solicit or accept business from the Buyer's clients, or solicit the Buyer's employees.
  • Lease terms: The Bank will lease a portion of its premises to the Buyer for an initial one-year term at $2,000 per month for the first six months and $2,500 per month for the remaining six months, with a six-month extension option and a mutual right to terminate on three months' notice.

Seneca Bancorp Divests Financial Quest Advisory Business to Boshart Wealth Management

According to the filing, Seneca Savings Bank, NA and Seneca Savings Insurance Agency, Inc. -- doing business as Financial Quest and Financial Quest Retirement Plan Services, each wholly owned subsidiaries of Seneca Bancorp, Inc. -- entered into an Asset Purchase Agreement dated October 21, 2026, with Boshart Wealth Management, LLC and its sole member and manager, Gregory Boshart. The agreement covers substantially all of the business assets of Financial Quest's financial advisory and investment services operations.

The filing states that the Business sold includes both the retail investment advisory and brokerage business and the company-sponsored retirement plan services business. The total purchase price disclosed is $1,400,000. The filing notes that the sale was completed on October 26, 2026, five days after the agreement was signed. Seneca Bancorp's securities registered under Section 12(b) of the Act are listed as "None" on the cover page, with no exchange or trading symbol indicated.

The filing notes that the Agreement includes a three-year non-compete and non-solicitation obligation on the Sellers. Alongside the asset sale, the Bank agreed to lease a portion of its premises to the Buyer under an initial one-year term with rent set at $2,000 monthly for the first six months and $2,500 monthly for the final six months. The lease includes a six-month extension option and a mutual termination right upon three months' notice. The filing cautions that "stockholders should not rely on the representations, warranties and covenants or any description thereof as characterizations of the actual state of facts or condition of any party."

What Was Disclosed

Seneca Bancorp disclosed the entry into and completion of an Asset Purchase Agreement under which its Bank and Financial Quest subsidiaries sold the Financial Quest financial advisory and investment services business to Boshart Wealth Management, LLC for $1,400,000, closing October 26, 2026.