MB Financial Bank has completed the purchase of the Illinois court-appointed guardianship and special needs trust business of JPMorgan Chase, said Mitchell Feiger, president and CEO of MB Financial.
The deal will add about $200m of assets under management to MB Financial Bank’s guardianship business.
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Financial terms of the transaction were not disclosed.
In 2010, MB acquired the Illinois guardianship and special needs trust business of U.S. Trust, Bank of America Private Wealth Management.
The Illinois guardianship and special needs trust business is led by Alan Teraji, senior vice president, personal trust and guardianship group.
Also, Kim Bahna, Josie Sanchez and Sharon Franta, formerly of JPMorgan Chase, will also join Teraji’s team.
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By GlobalData"This purchase represents a significant increase to our current portfolio, and further solidifies our strong position in this important market. We are confident that clients’ needs will be well served at MB through access to an experienced team dedicated to this customized, proactive service," added Feiger.
