Richmond, VA-headquartered Union Bank & Trust is looking to build out its wealth management business, and so is buying an RIA in Virginia.

Union Bank & Trust is to acquire Old Dominion Capital Management, a Charlottesville, VA-based RIA with nearly $300 million in assets under management. 

Founded in 1989, Old Dominion Capital Management will operate as a standalone subsidiary of Union Bank & Trust.

The current principals and employees will stay with the firm, which will continue to operate from its current offices in Charlottesville and Alexandria. 

The acquisition, which is subject to certain closing conditions and approvals, is scheduled to close during the second quarter.

Union Bank said expanding into wealth management is currently a strategic priority for the firm.