Midland States Bank Enters Definitive Agreement to Acquire $400 Million in Wealth Management Assets
The Barack Ferrazzano Financial Institutions Group is serving as legal counsel to Midland States Bank in its acquisition of approximately $400 million in wealth management assets from Sterling National Bank of Yonkers, New York. The parties have entered into a definitive agreement and the transaction is expected to close in the second or third quarter of 2016.
In 2015, Sterling National Bank merged with Hudson Valley Bank which brought with it the wealth management assets to be acquired in this transaction. The majority of the assets are held within Special Needs and Settlement Trusts. Midland States Bank has prior experience in this specialized field and plans to retain all 10 members of Sterling's trust department, increasing the number of professionals in Midland's Wealth Management Group to 45. The transaction is subject to regulatory approval and other customary closing conditions. Barack Ferrazzano's legal team was led by Dennis R. Wendte and Bill Fay with assistance in key regulatory areas by Karol K. Sparks and Judy K. Muncy.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. Our M&A experience is unparalleled-over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to SNL Financial. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2016 report.