Capital City Bank Group (CCBG) has acquired substantially all of the assets of Strategic Wealth Group for an undisclosed amount. The transaction was closed on 30 April 2021.
Capital City Strategic Wealth (CCSW), a newly established subsidiary of CCBG, took over the wealth management business. The unit will provide insurance planning, risk management and asset protection services.
In addition, it will offer investment advisory and estate planning services through LPL Financial.
CCBG chairman, president and CEO William Smith said: “Capital City has always been an acquisitive company seeking strategic ways to expand our product offerings and footprint while diversifying revenue streams and returning value to our shareowners.”
Under the terms of the purchase agreement, Strategic Wealth Group senior partners Teddy Welch, James Joiner IV, and Paul Bridges III became officers of CCSW, which will remain headquartered in Valdosta.
CCSW will be led by Capital City Investments and Capital City Trust Company president William Moor.
Strategic Wealth Group partner Teddy Welch said: “Our practice focuses on evaluating and optimising the efficiency of our clients’ financial situations.
“We work with business owners, executives, physicians, land owners, agricultural leaders and more on wealth-maximisation strategies, tax planning, leveraging assets and legacy planning.”
Founded in 1895, CCBG its subsidiaries provide full banking and financial management services in 26 counties in Florida, Georgia and Alabama. The latest purchase adds five wealth-management offices to the bank’s footprint.