MB Financial Bank, N.A., a Chicago-based commercial bank with approximately $15 billion in assets, is to acquire MSA Holdings, LLC, parent company of MainStreet Investment Advisors, LLC, and Cambium Asset Management, LLC.
The details of the transaction were not announced. MSA Holdings will be a wholly-owned subsidiary of MB. The management team of MSA Holdings, MainStreet and Cambium will remain in place.
The transaction is expected to close before year end.
Founded in 2003, MainStreet provides investment advisory services for bank and independent trust companies, as well as insurance companies located throughout the United States. In its capacity as a sub-advisor, MainStreet provides investment recommendations, research, marketing, and investment manager support to its clients.
Founded in 2014, Cambium is a wealth management firm dedicated to meeting the investment needs of individuals, families, foundations, endowments, and institutions. Services include separate account management, retirement planning solutions, as well as a small account platform.
MB Financial Bank is a wholly-owned subsidiary of MB Financial, Inc. (NASDAQ:MBFI).