MB Financial Bank recently acquired the Illinois court-appointed guardianship and special needs trust business of JPMorgan Chase.
“MB has established an expertise and commitment to the guardianship and special needs trust business," Mitchell Feiger, president and CEO of MB Financial Bank, said. "This purchase represents a significant increase to our current portfolio, and further solidifies our strong position in this important market. We are confident that clients’ needs will be well served at MB through access to an experienced team dedicated to this customized, proactive service.”
According to MB Financial officials, the acquisition added approximately $200 million of assets under management to MB Financial Bank’s existing guardianship business. Approximately five years ago, MB completed its acquisition of the Illinois guardianship and special needs trust business of U.S. Trust, Bank of America Private Wealth Management.
The Illinois guardianship and special needs trust business is headed by Alan Teraji, senior vice president, personal trust and guardianship group. His team will expand with the addition of Kim Bahna, Josie Sanchez and Sharon Franta, formerly of JPMorgan Chase.