Financial Services Acquisitions in Maryland

Japan's Meiji Yasuda Group has completed the acquisition of the Banner Life family of companies (Banner Life Insurance Company and William Penn Life Insurance Company of New York) from Legal & General, in a transaction valued at approximately $2.3 billion (with $2.6 billion transferred at closing reflecting purchase price adjustments). The deal strengthens Meiji Yasuda's U.S. presence by adding a leading term life franchise and a pension risk transfer (PRT) business, and establishes a long-term strategic PRT partnership with Legal & General.

MAI Capital Management has acquired Columbia, Maryland-based Lowe Wealth Advisors, a registered investment advisor with $527 million in assets under management. The deal expands MAI’s footprint in the Mid-Atlantic — adding Lowe’s nine-person, boutique, family-led practice and its niche client base while transitioning the firm onto MAI’s national platform; terms were not disclosed.

Mercer Advisors, a Denver-based national RIA, has acquired Glass Jacobson Wealth Advisors, a Baltimore-based wealth management firm overseeing approximately $1 billion in assets under management. The deal expands Mercer's Mid-Atlantic footprint and brings Glass Jacobson's tax-integrated wealth management capabilities onto Mercer's national platform.

AlphaCore Wealth Advisory has acquired SPC Financial, a Rockville, Maryland-based wealth advisory and tax-services firm, bringing approximately $1.5 billion in client assets and nearly 40 professionals to AlphaCore. The deal expands AlphaCore's East Coast presence, deepens its in-house tax-planning capabilities, and brings the combined firm to over $8.5 billion in client assets and more than 100 employees.

Beacon Pointe Advisors has acquired The Family Firm, a Bethesda-based registered investment adviser managing $857 million in assets and a 10-person team. The deal, which closed on September 15, 2025, raises Beacon Pointe's assets under advisement to approximately $49 billion and strengthens its Mid-Atlantic/D.C. presence and women's advisory capabilities.

Mercer Global Advisors, a national RIA majority‑owned by private equity firms, has acquired Hunt Valley, Maryland–based Tufton Capital Management. The deal expands Mercer’s footprint in the greater Washington, D.C./Mid‑Atlantic market and brings approximately $800 million of Tufton client AUM onto Mercer’s platform, increasing Mercer’s regional client assets to about $3 billion.

Islamorada Investment Management (IIM) has acquired Picket Fence Financial and the combined firm will rebrand as Bastion Fiduciary. The deal creates a fee-only, SEC-registered advisory with roughly $110 million AUM and a multi-office footprint, combining IIM's value-investing strategies with expanded financial planning and retirement/tax capabilities from Picket Fence Financial.

Atlantic Union Bankshares Corporation completed its previously announced merger with Sandy Spring Bancorp, Inc., creating the largest regional banking franchise headquartered in the lower Mid-Atlantic. Under the terms of the deal, Sandy Spring shareholders received 0.900 shares of Atlantic Union common stock per Sandy Spring share, and the transaction had an implied aggregate value of approximately $1.3 billion based on Atlantic Union's March 31, 2025 closing price.

Pitcairn, a long-established family office based in Conshohocken, Pennsylvania, has acquired Baltimore-based Registered Investment Advisor Brightside Partners and launched a new RIA, Pitcairn Wealth Advisors LLC. The acquisition expands Pitcairn’s alternative investments platform—adding Brightside’s network of more than 100 asset managers—and increases Pitcairn’s advised assets to over $9 billion.

Atlanta-based Homrich Berg (HB Wealth Management) has closed the acquisition of WMS Partners, a Towson, Maryland-based RIA with $6.4 billion in AUM. The deal expands HB's family office capabilities and mid-Atlantic presence, bringing combined AUM to over $24 billion and keeping WMS's leadership and advisors in the Towson office to ensure continuity for clients.

SageView Advisory Group has acquired OnTrack 401(k) of Frederick, Maryland, a retirement plan consulting practice with approximately $400 million in Assets Under Advisement serving over 90 institutional clients. The acquisition, which closed on December 2, 2024, brings OnTrack principals Doug O'Rear and Cindy Brown into SageView and expands SageView’s East Coast presence with a second Maryland office.

Lenox Advisors, an affiliate of NFP (an Aon company), has acquired Martin/Wight & Company, LLC, a Hunt Valley, Maryland-based insurance and financial services firm that specializes in serving medical professionals. The deal expands Lenox Advisors' footprint in the Mid-Atlantic and brings an $800M Maryland practice and the firm's founders, Brian Martin and Ted Wight, into Lenox as partners.

Wealth Enhancement Group, a national independent wealth management firm, announced that the Lynch Retirement Investment Group team in Columbia, Maryland has joined the firm. The six-person team led by John Lynch manages over $502 million in client assets and will expand Wealth Enhancement Group's presence in Maryland.

Comvest Partners completed a new growth capital investment in ClearOne Advantage, a Baltimore-based consumer debt settlement services provider. Comvest has been a capital provider to ClearOne since 2017 and said the new investment will help ClearOne capitalize on industry tailwinds and support its strategic growth plans.

J.C. Flowers & Co. has completed a $125 million all-primary equity investment (expandable to $165 million) for a minority stake in Capital Funding Bancorp, Inc., the holding company for Baltimore-based CFG Bank. The growth-capital investment will support CFG Bank’s expansion of its national healthcare and multifamily lending businesses and bolster the bank’s ongoing growth trajectory.

Hub International Limited has acquired the assets of AFS 401(k) Retirement Services, LLC and AFS Financial Group, LLC, two Bethesda, Maryland-based retirement plan consulting and wealth management firms. The acquisition will expand Hub's Retirement and Private Wealth capabilities and integrate the AFS team into Hub's Mid-Atlantic practice; terms were not disclosed.

Comvest Partners completed a growth capital investment in ClearOne Advantage, a Baltimore-based debt resolution services provider, providing follow-on financing to support the company’s growth initiatives. Comvest has been a capital provider to ClearOne since 2017 and will continue supporting ClearOne as it expands its debt settlement services amid rising consumer debt.

Atria Wealth Solutions has completed the acquisition of Grove Point Financial, a Rockville, Maryland-based independent wealth management firm. The deal brings approximately 400 independent financial professionals and about $15 billion of assets under administration to Atria, expanding its advisor network and scale across its multi-channel wealth management platform.

TradeZero USA Inc., a subsidiary of TradeZero Holding Corp., completed the acquisition of Koonce Securities LLC on August 4, 2023. The purchase gives TradeZero in-house clearing capabilities, enabling its broker-dealer subsidiaries to self-clear trades and improving client experience and operational control.

Stewart Information Services Corporation acquired FNC Title Services, LLC, a Rockville, Maryland-based title and settlement company specializing in reverse mortgage closings. The deal also included an agreement to acquire FNC Title of California pending regulatory approval; FNC will operate as a standalone business to strengthen Stewart's lender services and reverse-mortgage capabilities.

Cleveland-based MAI Capital Management acquired Bethesda-based Prime Investment Advisors, adding approximately $140 million in assets under management and expanding MAI's Mid-Atlantic footprint. Founder Stephen Polan will join MAI as Senior Wealth Advisor and Managing Director; the deal is MAI's ninth since Galway Holdings acquired MAI in 2021.

Rosedale Federal Savings & Loan Association completed its acquisition of CBM Bancorp, Inc. (Chesapeake Bank of Maryland) effective July 7, 2022, paying $17.75 per share in cash for aggregate consideration of about $64.4 million. The merger increases Rosedale Federal’s assets to roughly $1.3 billion, expands its footprint in Maryland, and will complete systems integration by August 29, 2022.

F.N.B. Corporation (FNB) agreed to acquire Howard Bancorp, Inc., including its wholly owned subsidiary Howard Bank, in an all-stock transaction valued at approximately $418 million (1.8 shares of FNB per Howard share). The deal expands FNB’s Mid-Atlantic footprint—adding 13 Baltimore-area branches and roughly $2.6 billion in assets—and is intended to be accretive with cost savings and enhanced product capabilities for Howard customers.

Integrity Marketing Group has acquired Maryland Life Insurance Services (also known as FFL National), an independent marketing organization (IMO) headquartered in Bel Air, Maryland. The founders, Frank and Jaime Eufemia, will join Integrity's partner network (Frank as a Managing Partner); the deal strengthens Integrity's insurance distribution footprint and gives Maryland Life access to Integrity's insurtech platform and centralized services.

Hub International Limited acquired Raffa Financial Services, Inc., a Rockville, Maryland-based employee benefits and retirement plan advisory firm. The deal will fold Raffa’s team into Hub Mid-Atlantic to expand Hub’s employee benefits and retirement advisory capabilities across the Maryland, Virginia and Washington, D.C. markets; terms were not disclosed.

UniversalCIS and Credit Plus have merged to form the largest technology-enabled provider of credit data and verification solutions in the North American mortgage market, serving over 6,500 clients. The combined business—backed by Lovell Minnick Partners' earlier investment—will employ more than 750 people, be headquartered in Philadelphia, and keep existing operations centers across 12 states; financial terms were not disclosed.

Wealth Enhancement Group, a Greater Minneapolis-based independent wealth management firm, has acquired Serafini Financial Group, a hybrid RIA based in Hagerstown, Maryland with 12 employees, four financial advisors and $853 million in client assets. The deal expands Wealth Enhancement Group's presence in the Mid-Atlantic and increases its total client assets to over $39 billion.

BRP Group, Inc. (NASDAQ: BRP) has acquired substantially all assets of TCG Financial Holding Company, LLC, which operates as The Capital Group, a Bethesda-based provider of employee benefits consulting, retirement plan consulting, wealth advisory and commercial insurance brokerage services. The transaction adds over 50 colleagues and deepens BRP Group's capabilities in employee benefits, wealth advisory and retirement consulting while increasing scale in the D.C. Metro region and key end markets such as government contracting, technology and non-profits.

Risk Strategies, a privately held national insurance brokerage, has acquired Weaver Bros. Insurance Associates, Inc., a Bethesda, Maryland-based commercial insurance brokerage with specialties in embassy and diplomatic risk. Terms were not disclosed; the deal expands Risk Strategies' Mid-Atlantic footprint and adds Weaver Bros.' specialty public-entity and risk-management capabilities.

Accenture has agreed to acquire First Annapolis Consulting, a payments-focused advisory firm headquartered in Annapolis, Maryland, to expand Accenture’s consulting and digital capabilities in the payments sector. Financial terms were not disclosed; the acquisition is expected to close subject to customary conditions.