Suffolk Bancorp has sold its wealth management business to Morristown, NJ-based Beacon Trust Company, which is a subsidiary of The Provident Bank.

Suffolk Bancorp has sold its wealth management business to Morristown, NJ-based Beacon Trust Company, which is a subsidiary of The Provident Bank.

“We recently completed a strategic review of all business lines, and concluded that the marginal contribution of the wealth management business, together with its relatively small scale, did not justify the expense, management and compliance resources that this business requires,” said Howard Bluyer, president and chief executive at Suffolk.

“By exiting the business, we are able to allocate additional resources to our core lending and deposit businesses, and to fuel our continuing western expansion,” Bluyer added.

Beacon is a full-service wealth management firm with approximately $1.04 billion in assets under administration.

Terms of the sale were not disclosed.