Commonwealth Bank & Trust Co. has taken a majority stake in the RIA Landmark Financial Advisors, according to news reports.
Bowling Green, Ky.-based Landmark, which manages $335 million, will keep its name and employees as part of the deal, Louisville Business First writes, citing CB&T, a subsidiary of Commonwealth Bancshares.
The acquisition marks the bank’s first in the wealth management industry, according to the publication. Landmark clients, meanwhile, will be able to tap Commonwealth’s family office and private banking offerings as well as its trust administration, among other services, Louisville Business First writes.
The companies didn’t disclose the financial terms of the deal, according to the publication.
“We are committed to being the premier private wealth management firm in our region as we help our clients realize ambitions for their wealth, both today and for generations to come,” Ann Wells, CEO of CB&T, says in a statement cited by Louisville Business First.
Mark Kennedy, executive vice president of CB&T, tells the publication that the company is “open” to more acquisitions in the wealth management space.
CB&T has $1 billion in bank assets and more than $2 billion in trust assets under management and administration, the company says, according to Louisville Business First.
Several banks have turned to acquisitions to build out their wealth management operations over the past this year.
This summer, Busey Bank acquired the investment, trust and estate planning practice Investors’ Security Trust with plans to grow its wealth management capabilities in Florida.