Nexity Financial Corp. in Birmingham, Ala., which has been operating under bankruptcy court protection, is shedding its wealth management division.

Investment Professionals Inc., a San Antonio asset management firm, announced Monday that it would acquire Nexity Financial Services Inc., the wealth management division of the $914 million-asset company.

Investment Professionals did not disclose a price or the amount of assets it would receive from Nexity's balance sheet.

Nexity Financial filed for Chapter 11 bankruptcy protection in July in an attempt to restructure its debt and recapitalize its troubled bank.

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