Union Bankshares in Richmond, Va., has agreed to buy Old Dominion Capital Management in Charlottesville, Va.
The $7.7 billion-asset Union said in a press release Tuesday that it expects to complete the acquisition this quarter. Union did not disclose the price.
Old Dominion, founded in 1989, has nearly $300 million in assets under management and offices in Charlottesville and Alexandria, Va. The firm’s principals and employees will stay with the firm, which will operate as a stand-alone unit.
"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 adviser talent,” Jeffrey Farrar, Union’s executive vice president of wealth management, mortgage and insurance, said in the release.