Midland States Bancorp in Effingham, Ill., has agreed to buy ATG Trust in Chicago.
The $6.9 billion-asset Midland said in a press release Wednesday that the deal will likely close in the second quarter. The company did not disclose the price it will pay.
ATG Trust has $387 million of assets under management and roughly $3.5 million of annual revenue. The company handles land trusts and other real estate services. It also administers court-supervised guardianships and special-needs trusts.
Midland said it will have about $3.8 billion of assets under administration and employ more than 90 financial professionals when the deal closes.
“Over the past several years, we have effectively utilized acquisitions to grow our assets under administration, better leverage our wealth management platform, and add expertise in specialized areas,” Jeffrey Ludwig, Midland’s president and CEO, said in the release.
ATG Trust “will further increase the scale and diversification of our wealth management business, while adding new capabilities that will enhance our ability to attract new clients,” Ludwig added.
