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Fulton Bank said Monday it has acquired Lebanon-based BenefitWorks for an undisclosed price.

Founded in 1985 as Trefsgar & Co., BenefitWorks is a registered investment adviser and retirement services firm. With three employees, BenefitWorks has about $177 million in assets under management or administration.

In contrast, Fulton Bank, through its wealth and investment management division, Fulton Financial Advisors, has about $12 billion in assets under management or administration.

Fulton Bank said it acquired BenefitWorks to add to its business in that niche in central Pennsylvania. BenefitWorks will operate as a subsidiary of the bank. Fulton Bank declined to disclose BenefitWorks' annual revenue.

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