South Atlantic Bank agreed to acquire Eastover Capital Management, a Charlotte, North Carolina-based registered investment adviser operating legally as Eastover Investment Advisors, according to Wealth Solutions Report. The purchase price was not disclosed in the sources.
Eastover had approximately $430 million in assets under management as of Sept. 30. The transaction is expected to close in the fourth quarter.
CEO and Client Advisor Will Mackey will continue leading Eastover as a separate division of the bank. Eastover has clients throughout North Carolina and South Carolina, and South Atlantic has been an Eastover client for more than 15 years.
"The long tenured personal and professional relationship between our two companies, and shared vision to continue to grow Eastover creates a unique opportunity to realize the synergies of this combination," Mackey said. "I could not be more excited about Eastover's long-term future as a result of this partnership."
Hunton Andrews Kurth served as legal advisor to the bank and its parent, South Atlantic Bancshares, while Alexander Ricks served as legal advisor to Eastover.