M&A Deal Summary

Cary Street Partners Acquires DHFB

On June 8, 2022, Cary Street Partners acquired financial services company DHFB from Atlantic Union Bank

Acquisition Highlights
  • This is Cary Street Partners’ 1st transaction in the Financial Services sector.
  • This is Cary Street Partners’ 1st transaction in the United States.
  • This is Cary Street Partners’ 1st transaction in Virginia.

M&A Deal Summary
Date 2022-06-08
Target DHFB
Sector Financial Services
Buyer(s) Cary Street Partners
Sellers(s) Atlantic Union Bank
Deal Type Divestiture

Target

DHFB

Roanoke, Virginia, United States
DHFB is a wealth management firm, focused on where the industry is headed and work to get there first, challenging the status quo of old thinking and systems. DHFB was founded in 1981 and is based in Roanoke, Virginia.

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Buyer(S) 1

Buyer

Cary Street Partners

Richmond, Virginia, United States
Category Company
Founded 2002
Sector Financial Services
DESCRIPTION

Cary Street Partners is an independent financial services firm that provides comprehensive wealth management services including investment management, planning and financial advice in a culture dedicated to independence and objective thinking. Cary Street Partners was founded in 2002 and is based in Richmond, Virginia.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (Virginia) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1

Seller(S) 1

SELLER

Atlantic Union Bank

Glen Allen, Virginia, United States
Category Company
Founded 1902
Sector Financial Services
Employees1,745
Revenue 696M USD (2023)
DESCRIPTION

Atlantic Union Bank is the holding company for Atlantic Union Bank, which operates 149 branches and approximately 170 ATMs across Virginia, as well as parts of Maryland and North Carolina. Atlantic Union Bank was incorporated in 1902 and is based in Richmond, Virginia.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (Virginia) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-05 Access National

Reston, Virginia, United States

Access National Corp. is a commercial bank serving middle market businesses and associated professionals throughout the Washington D.C. region. Access National Bank’s core services include commercial credit, deposit, investment, cash management, private banking and real estate finance. Access National Bank also has subsidiaries that provide wealth management, retirement planning and securities brokerage.

Buy $610M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-01 American National

Danville, Virginia, United States

American National provides financial services including savings, round-up savings, digital solutions, mortgages, personal loans, treasury management, loans & lines of credit, commercial insurance, title insurance, asset management services, trust services, and investment services. American National was formed in 1909 and is based in Danville, Virginia.

Buy -
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