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November 9, 2018

First Midwest to buy Northern Oak Wealth Management

First Midwest Bancorp has signed a definitive agreement to acquire investment adviser Northern Oak Wealth Management for an undisclosed amount.

Based in city of Milwaukee in Wisconsin, Northern Oak is said to have nearly $800m of wealth assets under management.

After the completion of the deal, the Northern Oak will operate as a subsidiary of First Midwest. Its current executive team members Mark Zellmer and David Becker will also continue in their respective roles.

Northern Oak chairman Mark Zellmer said: “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.

“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.”

First Midwest, which has more than $11bn in assets under management across 30 US states, is expected to further bolster its presence in the Midwest region with this acquisition.

First Midwest executive vice president and director of wealth management Bob Diedrich said: “Northern Oak is a highly respected investment adviser that shares our commitment to the financial success of our clients and to delivering a highly personalised client experience.”

The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the first quarter of 2019.

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