Associated Banc-Corp., which operates Associated Bank operations in Central and Southwestern Illinois, has closed on a previously announced acquisition of Whitnell & Co., a wealth management and multi-family office services firm based in Oak Brook, Ill.
Whitnell will be part of Associated’s Private Client & Institutional Services group and will enhance Associated’s ability to provide comprehensive financial services related to tax, charitable and estate planning, the company said. Associated’s Private Client Services includes private banking, investment, trust and insurance services for affluent individuals, executives, professionals and business owners. Associated’s Institutional Services focuses on working with businesses and other entities to provide employee benefits, retirement plans, insurance & risk management and institutional investment management services.
“The acquisition of Whitnell aligns with our continued focus on improving the customer experience and strategy to drive shareholder value through a diverse set of specialty businesses,” said Philip B. Flynn, president and CEO, Associated. “With the addition of Whitnell, we can offer a unique set of additional planning, asset management and related services to high net worth clients across our markets.”
In conjunction with Associated, Whitnell’s more than 25 professionals will continue to provide affluent Midwest families with a complete set of multi-family office services centered around financial planning, wealth management and generational wealth transfer.
Whitnell has approximately $1.0 billion assets under management. The acquisition is expected to increase both Associated assets under management and related run-rate revenue by more than 10 percent The transaction is not expected to have a material impact on Associated’s 2017 earnings and is expected to be accretive to Associated’s 2018 earnings.
About Associated Banc-Corp
Associated Banc-Corp has total assets of nearly $30 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.