Union is headquartered downtown at 1051 E. Cary St.
Union Bank & Trust on Tuesday finalized its acquisition of Old Dominion Capital Management, a Charlottesville-based investment advisory firm that will add its $300 million in assets under management to Union’s $1.9 billion in wealth management assets.
Financial terms of the transaction were not disclosed.
Union first announced the deal in April, saying at the time it’s the first step in a strategic push to grow the bank’s wealth management arm, both through acquisition and a greater focus on offering the services to existing bank customers.
The bank wouldn’t comment on how much revenue Old Dominion brings into the Union fold. Its client list spans 29 states and is made primarily of high net worth families
Old Dominion Capital Management was founded in Charlottesville in 1989 by UVA’s grads Jim Childress and Mark Thomas.
The company will operate as a subsidiary of Union with all of its seven employees staying on, including Childress and Thomas. Its offices in Charlottesville and Alexandria will also remain in operation.
Union is headquartered downtown at 1051 E. Cary St.
Union Bank & Trust on Tuesday finalized its acquisition of Old Dominion Capital Management, a Charlottesville-based investment advisory firm that will add its $300 million in assets under management to Union’s $1.9 billion in wealth management assets.
Financial terms of the transaction were not disclosed.
Union first announced the deal in April, saying at the time it’s the first step in a strategic push to grow the bank’s wealth management arm, both through acquisition and a greater focus on offering the services to existing bank customers.
The bank wouldn’t comment on how much revenue Old Dominion brings into the Union fold. Its client list spans 29 states and is made primarily of high net worth families
Old Dominion Capital Management was founded in Charlottesville in 1989 by UVA’s grads Jim Childress and Mark Thomas.
The company will operate as a subsidiary of Union with all of its seven employees staying on, including Childress and Thomas. Its offices in Charlottesville and Alexandria will also remain in operation.