Chicago’s First Midwest Bancorp, Inc., is beefing up its wealth management division by buying Wisconsin’s Northern Oak Wealth Management, Inc.
The Milwaukee-based registered investment adviser has approximately $800 million of wealth assets under management. That joins First Midwest’s current more than $11 billion assets under management and clients across 30 states.
“Northern Oak is a highly respected investment adviser that shares our commitment to the financial success of our clients and to delivering a highly personalized client experience,” said Bob Diedrich, executive vice president and director of wealth management at the $14.7 billion First Midwest. “We look forward to working closely with the Northern Oak team to meet the financial needs of their high net worth clients through a wider range of private banking and wealth management solutions.”
Northern Oak’s executive team of Mark Zellmer and David Becker, who have a combined 46 years of experience at the firm, will continue to serve in leadership roles at Northern Oak, which will operate as a subsidiary of First Midwest.
“The financial markets are becoming increasingly complex, and clients are looking for an experienced and trusted adviser who can help them achieve their investment goals,” said Mark Zellmer, chairman of Northern Oak. “We are excited to join First Midwest and look forward to leveraging their broad range of wealth management and banking products and services to create enhanced value for our clients.”
The deal is expected to close in the first quarter of 2019.