M&I Wealth Management to Acquire FirstTrust Indiana
22 October 2005 - 8:02AM
PR Newswire (US)
MILWAUKEE, Oct. 21 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) announced today that it has signed
a definitive agreement to acquire FirstTrust Indiana from First
Indiana Bank. The transaction, which is expected to close in the
first quarter of 2006, is subject to regulatory approval. The
acquisition is not expected to have a material impact on M&I's
financial results. 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 to
ensure ongoing continuity of sales and service to their clients.
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." Marshall & Ilsley Corporation
(NYSE:MI) is a diversified financial services corporation
headquartered in Milwaukee, Wis., with $45 billion in assets.
Founded in 1847, M&I Marshall & Ilsley Bank is the largest
Wisconsin-based bank. M&I Bank has 194 offices throughout the
state, in addition to 37 locations throughout Arizona; 13 offices
in metropolitan Minneapolis/St. Paul, Minn.; and, locations in
Duluth, Minn.; Las Vegas, Nev.; and, Naples and Bonita Springs,
Fla. M&I's Southwest Bank affiliate has seven offices in the
St. Louis area and one office in Belleville, Ill. Metavante
Corporation, Marshall & Ilsley Corporation's wholly owned
technology subsidiary, provides virtually all of the technology an
organization needs to offer financial services. M&I also
provides trust and investment management, equipment leasing,
mortgage banking, asset-based lending, financial planning,
investments, and insurance services from offices throughout the
country and on the Internet ( http://www.mibank.com/ or
http://www.micorp.com/ ). M&I's customer-based approach,
internal growth, and strategic acquisitions have made M&I a
nationally recognized leader in the financial services industry.
DATASOURCE: Marshall & Ilsley Corporation CONTACT: Sara
Sherlund of Marshall & Ilsley Corporation, +1-414-765-7831 Web
site: http://www.micorp.com/ http://www.mibank.com/
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