Union Bank & Trust has agreed to buy Dixon, Hubard, Feinour, & Brown, an investment advisory firm based in Virginia, for an undisclosed sum.
The acquired entity, which was established in 1981 and manages around $600m in assets, will now become Union Bank’s stand-alone division.
Existing staff and prinicipals of the acquired firm will be retained and will remain based at the firm’s existing Roanoke offices.
The deal, expected to be completed in the second quarter of this year, will take Union Bank’s assets under management and advisement to over $3.2bn.
Union Bank president of Union Wealth Management Robert Martin said: “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.
“Dixon Hubard, Feinour, & Brown, is one of the preeminent registered investment advisers in Virginia and adds a strong team that will complement our ability to offer broad financial solutions to our clients.”