Cardinal Financial Corp. plans to acquire large-cap value manager Wilson/Bennett Capital Management for $6.6 million in stock and cash, according to a news release. The cash portion of the deal will total $1.1 million; the exact number of shares Cardinal will issue will be determined when the transaction closes in about 65 days, subject to certain conditions. Wilson/Bennett has $227 million in assets under management from 500 institutional and retail clients.
"This acquisition expands the range of financial services that we offer," said Bernard H. Clineburg, Cardinal's chairman, president and CEO, in a news release. He could not be reached for further comment.
Cardinal had $1.28 billion in assets under management as of March 31.