Midland Wealth Management Group Names Culhane Chief Investment Officer. Wealth Management Group Surpasses $1 Billion Mark.
EFFINGHAM, ILLINOIS – May 22, 2013 – The Wealth Management Group of Midland States Bank has hired John P. Culhane, with more than 30 years of progressive financial investment management and leadership expertise, as Chief Investment Officer.
“We are extremely pleased to continue to add strong leadership to our Wealth Management Group,” commented Eric Chojnicki, President of Midland States Bank Wealth Management Group. “John’s appointment further strengthens our ability to deliver high performing investment results and manage risk for our Wealth Management clients.”
Prior to joining Midland, Culhane was senior vice president of GreatBanc Trust Company and Pennant Management in Lisle, Illinois. He holds a Master of Business Administration, Master of Science in Finance and Bachelor of Science in Finance degrees from Northern Illinois University in DeKalb. Additionally, he has achieved designation as a Chartered Financial Analyst®.
The Wealth Management Group recently surpassed a growth milestone when Assets Under Administration (AUA) exceeded the $1 billion mark. “$1 billion is a significant benchmark in our industry,” commented Chojnicki. “We attribute our success to strong client retention and an inflow of assets from new client relationships through a combination of organic and acquisition growth.”
The Wealth Management Group has grown impressively from $90 million in 2008 to the current $1.0 billion in AUA, realizing a 22% increase in the past 12 months. Since 2010, the bank has added new wealth management offices in Rockford and Joliet, Illinois, as well as Milwaukee, Wisconsin. The Milwaukee location was acquired in early 2013 and specializes in settlement trusts. This unique niche adds diversification to the Wealth Management Group, expanding from their traditional personal, business and employee benefit programs.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based bank holding company headquartered in Effingham, Illinois, and is the sole shareholder of its subsidiary, Midland States Bank. Midland States Bank has assets of approximately $1.6 billion and a Wealth Management group with assets under administration of over $1.0 billion. Established in 1881, Midland States Bank remains a locally owned and operated community bank, providing a full range of commercial and consumer banking products, trust and investment management, insurance, and financial planning services. For additional information, visit http://www.midlandsb.com.