NU Online News Service, Oct. 24, 11:11 a.m. ? Wilmington Trust Corp., Wilmington, Del., announced today that it is has signed a definitive agreement to acquire Balentine & Company, an Atlanta-based investment-counseling firm.
Wilmington Trust says it wants to grow by acquiring independent firms that serve wealthy customers.
Balentine & Company has nearly $4 billion in assets under management and serves clients throughout the Southeast from its headquarters in Atlanta and an office in Nashville.
Terms of the transaction, which is expected to close in January, were not disclosed.
The Balentine & Company name will remain unchanged and all staff members in Atlanta and Nashville will be retained, Wilmington Trust says. Robert Balentine will continue as chairman and chief executive officer of Balentine & Company and will become president of Wilmington Trust of Georgia. He will also be named a member of the senior management team in the private client advisory services department at Wilmington Trust, which is headed by Rodney P. Wood.
Wood and Wilmington Trust CEO Ted Cecala will join Balentine & Company’s board of directors.