Associated to buy Chicago-area wealth management firm

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Associated Banc-Corp in Green Bay, Wis., has agreed to buy Whitnell & Co., a wealth management firm in Oak Brook, Ill.

The $29.7 billion-asset Associated said in a press release Friday that Whitnell, which has $1 billion in assets under management, will supplement the bank's financial planning services tied to taxes, charitable contributions and estates.

Associated did not disclose the price it will pay. The deal is expected to close next month.

The acquisition should increase Associated’s assets under management and related run-rate revenue by more than 10%. The transaction is not expected to have a material effect on Associated’s 2017 earnings but should be accretive to next year’s results.

Whitnell has more than 25 professionals that provide affluent Midwestern families with financial planning, wealth management and generational wealth transfer.

"The addition of this respected company adds a strong team to our Chicago-area private client group and positions us to offer unique investment, asset management and related services to high net worth clients across our markets," Philip Flynn, Associated’s president and CEO, said in a press release. The acquisition “also furthers our strategy to drive shareholder value through a diverse set of specialty businesses."

Whitnell will operate as a unit of Associated and will retain its name. William Thonn, Whitnell’s president and CEO, will retain those titles.

The deal comes weeks after Associated ended a long drought for bank acquisitions by agreeing to buy BankMutual.

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