Bank / Credit Union

Cary Street Partners to acquire wealth management firm from Atlantic Union Bank

June 17, 2022

Cary Street Partners, a financial services firm, has announced an agreement to acquire wealth management firm Dixon, Hubard, Feinour & Brown Inc. from Atlantic Union Bank. With this acquisition, Cary aims to boost its wealth management footprint in Virginia, according to a press release.

"Our decision to align our strategy with Cary Street Partners came after a thorough analysis of the changing landscape in the RIA industry and client needs," Maria Tedesco, president and COO of Atlantic Union Bank, said in the release. "We saw tremendous value in combining our registered investment advisers with Cary Street Partners and taking a minority ownership stake in a strong Virginia-based firm which is looking to accelerate its growth in this complementary non-bank business."

The transaction is scheduled to be compete by the end of June pending regulatory approval.