Regions Bank reached an agreement to acquire Highland Associates, an institutional investment firm that provides objective, research-driven investment counsel to not-for-profit healthcare entities and mission-based organizations.

Based in Birmingham, AL, Highland Associates advises clients throughout the United States.

“Highland Associates has an attractive growth profile and a strong reputation for excellence serving the not-for-profit healthcare sector,” said John Turner, president and CEO of Regions Financial. “The addition of Highland Associates complements our existing asset management and healthcare banking practice areas and will enable us to provide additional capabilities to meet client needs while also diversifying our business.”

Founded in 1987, Highland Associates is led by credentialed advisors with a deep understanding of the industry and has $26 billion in client assets. Highland President and CEO Trey Echols will continue to lead the business and the firm will maintain its name, leadership, employees, and investment philosophy, operating as a subsidiary of Regions Bank and reporting through the Regions Wealth Management Group.

“Highland Associates has experienced significant growth over its history. Further growth with mission-based organizations, such as foundations and endowments, over the last decade positions us to capture substantial opportunity as our client-first model gains momentum,” said Echols. “We find ourselves with a unique opportunity to accelerate our plans with the capital and complementary business model of Regions.”

The close of the transaction is subject to customary closing conditions. Financial terms are not disclosed.

Maynard Cooper & Gale served as legal advisor to Regions, and Bradley served as legal advisor to Highland Associates.