Piper Jaffray has agreed to buy River Branch Holdings, a Chicago investment bank that focuses on financial institutions.

The deal, expected to close this quarter, would add resources for serving banks, thrifts and other depository institutions, Piper Jaffray said in a press release Monday. River Branch is led by David Olson, chairman and chief executive, and Steven Kent, president.

Olson would become co-head of Piper Jaffray financial institutions investment banking with Bob Hutchinson. Kent would join the firm as vice chairman of investment banking.

"Joining forces with River Branch positions us to grow more quickly by expanding our breadth and depth in the sector with a team that complements our recent hires," Chad Abraham, global co-head of Piper Jaffray investment banking and capital markets, said in the release.

Piper Jaffray, an investment bank and asset management firm based in Minneapolis, recently expanded its financial institutions group by hiring a number of analysts and investment bankers from Sterne Agee Group.

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