First Midwest to buy Wisconsin wealth management firm

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First Midwest Bancorp in Chicago has agreed to buy Northern Oak Wealth Management in Milwaukee.

The $15 billion-asset First Midwest said it expects to complete the acquisition in the first quarter. It did not disclose the price it will pay.

Northern Oak is a registered investment adviser with about $800 million of wealth assets under management. First Midwest said it would have $11 billion in assets under management and clients in 30 states when it completes the acquisition.

“Northern Oak is a highly respected investment adviser that shares our commitment to the financial success of our clients and to delivering a highly personalized client experience,” Bob Diedrich, First Midwest’s director of wealth management, said in a press release Thursday.

Mark Zellmer and David Becker will stay in leadership roles at Northern Oak, which will operate as a First Midwest unit.

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