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First Midwest Bancorp Acquires $800M Wealth Management Practice

By Alex Padalka January 18, 2019

First Midwest Bancorp has completed the acquisition of a Milwaukee-based RIA, the company says.

Northern Oak Wealth Management oversees around $800 million, First Midwest says in a press release.

First Midwest, a publicly traded bank holding company headquartered in Chicago, has more than $15 billion in assets and around $11 billion in assets under management, the company says. Its principal subsidiary, First Midwest Bank, offers private banking, wealth management and trust services as well as treasury management and equipment leasing, among other services, across several locations in Chicago, central and western Illinois, northwest Indiana and eastern Iowa, according to the press release.

“We are excited to welcome Northern Oak clients and colleagues to First Midwest,” Bob Diedrich, executive vice president and director of wealth management at First Midwest, says in the press release. “We look forward to continuing to meet the financial needs of Northern Oak’s high net worth clients by providing them with a highly personalized client experience as well as a broad range of private banking and wealth management solutions.”

First Midwest, similar to other regional banks, has expanded its wealth management business through acquisitions in recent years. In 2017, the bank acquired Premier Asset Management, a $550 million Chicago-based RIA.

Earlier this month, meanwhile, Lancaster, Pa.-based Fulton Bank, N.A. acquired Altoona, Pa.-based Forney Financial Solutions, which oversees approximately $250 million. A few days prior, Citizens Bank completed the acquisition of multi-family office Clarfeld Financial Advisors.