Union Bankshares in Richmond, Va., has agreed to buy a registered investment adviser in Roanoke, Va.
The $9.3 billion-asset Union said in a press release Monday that it will buy Dixon, Hubard, Feinour, & Brown. Union did not disclose the price.
The deal is expected to close in the second quarter.
The investment adviser, founded in 1981, has about $600 million in assets under management and advisement. The firm will operate as a standalone unit of Union’s bank; its principals and employees will remain.
“We want to expand the reach and capabilities of our wealth management team by adding investment strategies, core competencies and advisory talent in key markets,” Robert Martin, president of Union Wealth Management, said in the release. “Dixon Hubard, Feinour, & Brown … adds a strong team that will complement our ability to offer broad financial solutions to our clients."
Union Wealth Management will have more than $3.2 billion in assets under management and advisement when the acquisition is completed.