Citizens Financial in Providence, R.I., has agreed to acquire Western Reserve Partners, an M&A advisory firm in Cleveland.
The deal would allow the $150 billion-asset Citizens to expand the advisory services it offers to midsize companies and also would bolster its presence in the Midwest.
A purchase price for the all-cash deal was not disclosed. It is expected to close this month.
Under the agreement, Western Reserve will maintain its brand and operate as a division of Citizens. Western Reserve’s CEO, Ralph Della Ratta, will stay on board, reporting to Donald McCree, vice chairman and head of commercial banking at Citizens.
“We have been moving decisively to broaden our capabilities, and this acquisition adds scale and deep expertise, along with a strong cultural fit, that will help us to advise our clients even more effectively,” McCree said in a press release Tuesday.
Citizens operates roughly 1,200 offices on the East Coast and in the Midwest, including 117 in Ohio, according to the Federal Deposit Insurance Corp.
