Summit Financial, Merchant Investment to acquire Fieldpoint unit

Summit Financial Holdings LLC and Merchant Investment Management will acquire Greenwich, Conn.-based Fieldpoint Pvt. Bank & Trust's investment advisory unit.

Upon deal closing, Summit expects to add Fieldpoint's unit, which advises $5.1 billion in total wealth management assets. Fieldpoint's banking unit will remain independent.

The partnership will deliver Fieldpoint's banking capabilities through the Summit adviser services platform SummitVantage, and the partnership will ultimately expand to over $100 billion of assets under management within the Merchant community of independent adviser partnerships, according to a news release.

Chris DeLaura will serve as president and CEO of the Summit-Fieldpoint division.