Associated Banc-Corp announced today it plans to acquire wealth management firm Whitnell & Co., which is based in Chicago suburb Oak Brook.
The transaction is expected to close in October. The purchase price has not yet been disclosed.
Whitnell & Co. has about 25 employees and approximately $1 billion in assets under management. The company provides wealth management and multi-family office services for affluent families, including financial planning and generational wealth transfer. The company was founded in 1988 by Donald Kelly, Bill White and Mike Brunell.
Associated expects the acquisition to increase both its assets under management and its run-rate revenue by more than 10 percent. It is not expected to be accretive or have a material impact on the bank’s 2018 earnings.
The transaction also will expand Associated’s tax, charitable and estate planning services, particularly for families.
Whitnell will be integrated as a subsidiary of Associated, retaining its offices, employees and branding. William Thonn, the current president and chief executive officer, will continue to lead Whitnell and serve on its board of directors.
“The addition of this respected company adds a strong team to our Chicago-area private client group and positions us to offer unique investment, asset management and related services to high net worth clients across our markets,” said Philip Flynn, president and CEO of Associated. “The acquisition of Whitnell also furthers our strategy to drive shareholder value through a diverse set of specialty businesses.”
“I believe our organizations possess a shared appreciation of the needs and goals of our clients,” said Patrick Kelly, chairman of Whitnell. “We are very pleased to be bringing the added conveniences of our services and an enhanced portfolio of our products to Associated Bank.”
Green Bay-based Associated Banc-Corp operates more than 200 Associated Bank branches in Wisconsin, Illinois and Minnesota. It also has commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. The company has a significant presence in the Milwaukee market, and is in the process of acquiring Brown Deer-based Bank Mutual Corp.
