Midland States Bank has agreed to purchase Sterling National Bank’s trust department, which has approximately $400m in wealth management assets.
The deal will include the wealth management assets from Hudson Valley Bank, which merged with Sterling National Bank in 2015. Most of these assets are held within Special Needs and Settlement Trusts.
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As part of the acquisition, Midland will retain all 10 members of Sterling’s trust department, bringing Midland’s Wealth Management Group to 45 professionals.
Subject to regulatory approval and other customary closing conditions, the deal is expected to close in the second or third quarter of 2016.
Midland’s Wealth Management Group provides trust & estate services, investment management, and retirement planning as well as settlement trust services. The company has $1.2bn of wealth management assets under administration as of 31 December 2015.
Sterling chief banking officer Jim Peoples said: "We are pleased that our trust clients will benefit from Midland States Bank’s expertise and focus in this specialized business, which allows us to remain focused on our strategy of serving middle market commercial clients.
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By GlobalDataMidland States Bank president and CEO Jeff Ludwig said: "This acquisition continues our strategy, both for our Bank and Wealth Management Group, of identifying leading professionals in specific areas and bringing them into Midland."
