MB Financial Bank, a wholly owned subsidiary of MB Financial, has completed the acquisition of MSA Holdings, the parent company of MainStreet Investment Advisors and Cambium Asset Management.
Following the deal, MSA Holdings will operate as a wholly-owned subsidiary of MB Financial.
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MB Financial said that the transaction will be slightly accretive to its 2016 earnings per share.
Established in 2003, MainStreet offers investment advisory services for bank and independent trust companies, as well as insurance companies located across the US.
Cambium is a wealth management firm designed to meet the investment needs of individuals, families, foundations, endowments, and institutions. The company offers services such as separate account management, retirement planning solutions, as well as a small account platform.
MB Financial president and CEO Mitchell Feiger said: "We are delighted to be welcoming MSA Holdings’ clients and strong team of wealth management and investment professionals to MB.
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By GlobalData"This transaction complements our existing wealth management business while providing significant opportunities for additional market share growth."
