First Midwest Bancorp in Itasca, Ill., has bought Premier Asset Management in Chicago.

The $14 billion-asset First Midwest did not disclose how much it paid for Premier, which has about $550 million of assets under management.

The deal represents a change of pace for First Midwest, which has typically relied on organic growth to expand in wealth management, said James Roolf, a senior vice president and the company. Roolf said First Midwest would consider additional deals as opportunities arise.

Michael Scudder, CEO of First Midwest
First Midwest Bancorp, led by CEO Michael Scudder, bought Premier Asset Management, an investment adviser based in Chicago.

Premier, founded in 2001, will operate as a separate unit within First Midwest’s financial and wealth management group.

"When you’re dealing with wealth management clients who’ve dealt with a specific company for a long period, it’s important that they understand the stability of the organization,” Roolf said.

Wealth management generated $33.1 million in income for First Midwest last year, representing a 13% increase from a year earlier.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.