Union Bank & Trust has agreed to buy Charlottesville Virginia-based registered investment advisor Old Dominion Capital Management.
Old Dominion, which manages about $300m in assets, will operate as a stand-alone subsidiary of Union Bank & Trust following the acquisition.
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Existing principals and staff will be retained with the firm that will continue to operate from its existing Charlottesville and Alexandria offices.
The deal is expected to be wrapped up during the second quarter, subject to relevant approvals.
Union Bank & Trust executive vice president of wealth management, mortgage and insurance Jeffrey Farrar said: "A key part of our Company’s strategic plan is to expand our wealth management business, and an important element of that strategy is to expand the reach and capabilities of our wealth management team by adding investment strategies and advisor talent.
"We believe that Old Dominion Capital Management adds a strong registered investment advisory platform that will complement our ability to offer financial solutions to our clients."
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