Morgan Stanley’s $7 billion purchase of Eaton Vance marks the latest wager that finding a big partner is critical to survival in the asset management industry.

Morgan Stanley agreed to purchase Eaton Vance for about $7 billion in CEO James Gorman's second major acquisition this year, both of which tilt the investment bank further toward the steadier business of money management.

The Georgia company will add nearly $200 million in assets as part of the acquisition.

Wilmington Trust, the wealth management arm of M&T Bank, is extending its hiring spree and considering acquisitions of registered investment advisers.

Nexi SpA is already hunting for its next target after agreeing a milestone payments merger with Italian rival SIA SpA, as consolidation in the sector shows little sign of easing.

Virginia National and Fauquier Bankshares are planning to create a $1.6 billion-asset company focused on the middle part of the state.

Loan officers surveyed by the central bank said the subpar creditworthiness of some applicants and the ability of others to find credit elsewhere are among reasons the middle-market rescue facility has fizzled.

Members of St. Matthews Federal Credit Union are set to vote on whether to join the $2.3 billion-asset Chartway before the end of the year.

Michael Rechin will step down at the end of this year. The Indiana company tapped CFO Mark Hardwick as its next CEO, while Michael Stewart, its chief banking officer, will become president.

The West Virginia company has an agreement to buy WinFirst Financial for $21.7 million in cash.