Sandy Spring Bancorp has agreed to buy Virginia-based RIA Rembert Pendleton Jackson (RPJ) for an undisclosed sum.
The transaction will add around $1.3bn in assets to Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp. With this deal, the assets in Sandy Spring Bank’s wealth management business will amount to $4.5bn.
RPJ will retain its brand and leadership team following deal closure in the first quarter of next year.
The firm’s clients are said to remain unaffected by the acquisition.
Its principal Charles Rembert will spearhead the firm in the role of president. Rembert will report to Sandy Spring Bank executive vice president Lou Caceres.
RPJ, a fee-only advisory business, was set up in 1974. The firm has been registered with the Securities and Exchange Commission since 1984.
Commenting on the acquisition, Caceres said: “Rembert Pendleton Jackson is a well-respected firm with a long-tenured and high-performing team. Their commitment to this region and strong culture focused on exceptional client service align with our core values.
“This strategic acquisition expands our wealth management services, builds on our growth momentum and continues to deepen our presence in our core market.”
Sandy Spring Bank is present in more than 50 locations in Maryland, Northern Virginia and Washington, D.C. Its service suite includes commercial and retail banking, mortgage, private banking, and trust services, among others.