Union Bank & Trust Announces Acquisition of Outfitter Advisors
April 10 2018 - 9:00AM
Union Bank & Trust (“Union”) today announced that its
subsidiary Old Dominion Capital Management has entered into an
agreement to acquire Outfitter Advisors, Inc., a McLean, Virginia
based registered investment advisory firm with approximately $400
million in assets under management and advisement.
Founded in 1999, Outfitter Advisors, will operate as part of Old
Dominion Capital Management with offices in Charlottesville,
Alexandria and McLean, Virginia. The current principals and
employees will stay with the firm. The acquisition, which is
subject to certain closing conditions and approvals, is scheduled
to close during the third quarter.
“We are very pleased to bring Ben Peress and the firm he
built--Outfitter Advisors--under the Union registered investment
advisors umbrella” said Robert P. Martin, Union Wealth Management
President for Union Bank & Trust. “One of our goals for
2018 was to expand the reach and capabilities of our wealth
management team by adding advisory talent in key markets. Outfitter
Advisors based in the Northern Virginia-Metro DC market adds
talented professionals that will complement our existing team at
Old Dominion Capital Management.”
“It is the right time for us to become part of a larger
organization,” commented Ben Peress, President of Outfitter
Advisors, Inc. “Regulatory support, investments in technology
and client reporting and financial planning services will allow us
to provide greater value to our clients. We are thrilled by the
opportunity to collaborate with the highly experienced team at Old
Dominion Capital Management. We share a deep commitment to the
financial success of our clients, and we look forward to being
leaders in a growing Northern Virginia based office.”
Union’s Wealth Management offers comprehensive wealth management
services including asset management, trust, estate planning,
private banking, brokerage, risk management, and financial
planning. Including the recent acquisition of Dixon, Hubard,
Feinour & Brown, Union Wealth Management’s registered
investment advisor assets will exceed $1.3 billion and total assets
under advisement will be more than $3.6 billion.
ABOUT UNION BANKSHARES
CORPORATIONHeadquartered in Richmond, Virginia, Union
Bankshares Corporation (NASDAQ:UBSH) is the holding company for
Union Bank & Trust, which has 150 branches, 39 of which are
operated as Xenith Bank, a division of Union Bank & Trust of
Richmond, Virginia, and approximately 220 ATMs located throughout
Virginia and in portions of Maryland and North Carolina.
Union Bank & Trust also operates Shore Premier Finance, a
specialty marine lender. Non-bank affiliates of the holding
company include: Union Mortgage Group, Inc., which provides a full
line of mortgage products, Old Dominion Capital Management, Inc.,
which provides investment advisory services, and Union Insurance
Group, LLC, which offers various lines of insurance products.
Contact: Bill Cimino (804) 448-0937, VP
and Director of Investor Relations
Union Bankshares Corp (NASDAQ:UBSH)
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