Marshall & Ilsley Corporation (M&I) announced that it has signed a definitive agreement to acquire FirstTrust Indiana from First Indiana Bank.
FirstTrust Indiana’s businesses will be integrated with M&I’s Wealth Management unit, which provides trust, asset management, brokerage, and private banking services to individuals, institutions, and corporate clients.
It is expected that all employees of FirstTrust Indiana will join M&I. The new M&I Wealth Management office in Indianapolis will continue to serve First Indiana Bank’s clients’ wealth management and trust needs.
“We are pleased to announce this strategic acquisition and partnership with FirstTrust Indiana,” said Kenneth Krei, Senior Vice President, Marshall & Ilsley Corporation, and President of M&I Wealth Management. “We believe this partnership will allow us to expand our wealth management services into an important new marketplace for M&I Wealth Management, while increasing the product capabilities and resources for FirstTrust’s client base.”
FirstTrust Indiana began operating in 1998 and offers asset management, trust administration, and estate planning services to high-net-worth individuals and institutional customers. FirstTrust Indiana has nearly $1 billion in assets under administration.
“In 1998, we sensed the need for locally provided portfolio management and estate administration in central Indiana. In seven short years, the overwhelming support of our valued clients has made us one of the fastest growing de novo trust departments,” said Ralph Nowak, President and Chief Investment Officer for FirstTrust. “The combination of our continuing association with First Indiana Bank and our new partnership with M&I Wealth Management, with its comprehensive products and services and long-standing reputation, will help move our local capabilities to the next level.”