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First Midwest acquires Northern Oak Wealth Management

First Midwest Bankcorp personal banker Alicia Pantoja, first row, second from left, applauds along with president and CEO Michael Scudder, center, and other bank employees as they help open the Nasdaq market in 2013. The bank is acquiring Northern Oak Wealth Management.

First Midwest Bancorp completed an acquisition of Northern Oak Wealth Management, a Milwaukee-based financial advisory firm with more than $900 million of assets under management.

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The terms of the transaction were not disclosed.

“We are excited to welcome Northern Oak clients and colleagues to First Midwest,” said Bob Diedrich, executive vice president and director of wealth management at First Midwest. “We look forward to continuing to meet the financial needs of Northern Oak’s high net worth clients by providing them with a highly personalized client experience, as well as a broad range of private banking and wealth management solutions.”

The Chicago-based bank, which has multiple branches in Lake County, has more than $11 billion in assets under management. Its wealth management business has more than 140 employees who serve clients in 30 states.

Northern Oak Chairman Mark Zellmer and President David Becker will continue to serve in leadership roles for Northern Oak, which will operate as a subsidiary.

First Midwest Bank, which has more than $15 billion in assets, has branches in Crown Point, Dyer, East Chicago, Gary, Griffith, Hammond, Highland, Merrillville, Munster, Schererville, and St. John. It's the successor to Bank Calumet and Standard Bank, which both had large footprints in Northwest Indiana.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.