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Capital City Bank in Florida buys wealth management company

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Capital City Bank Group in Tallahassee, Fla., has acquired a wealth management firm in Valdosta, Ga.

The $3.9 billion-asset company said in a press release Monday that it bought substantially all of the assets of Strategic Wealth Group. Through the newly created unit Capital City Strategic Wealth, it will offer insurance planning, risk management and asset protection services.

Capital City did not disclose the price it paid. The acquisition adds five wealth management offices in Georgia.

Capital City said it will also offer investment advisory and estate planning services through LPL Financial.

“Capital City has always been an acquisitive company seeking strategic ways to expand our product offerings and footprint while diversifying revenue streams and returning value to our shareowners,” William Smith Jr., the company’s chairman, president and CEO, said in the release.

“We are proud to add an established team of advisers … along with the expanded insurance and risk-management services they bring,” Smith added.

Capital City Strategic Wealth will be led by William Moor Jr., who is president of Capital City Investments and Capital City Trust Co. Teddy Welch Sr., James Joiner IV and Paul Bridges III, who were senior partners at Strategic Wealth Group, become officers of the new wealth management unit.