Illinois-based Midland States Bancorp has acquired CedarPoint Investment Advisors, a Wisconsin-based registered investment advisory (RIA) firm, for an undisclosed sum.

CedarPoint offers range of financial planning and investment services and manages about $180m in assets.

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CedarPoint’s employees will be retained as part of the deal and the firm will continue to operate from its existing Delafield location. 

The latest acquisition boosts assets under administration in Midland’s Wealth Management group to around $1.9bn, and takes its financial professional headcount to 50. 

Midland Wealth Management president Eric Chojnicki said: “The acquisition of our first RIA expands upon the fiduciary relationship, asset-based fee model that we have built at Midland Wealth Management. CedarPoint has also built a successful firm based on complete fee transparency and unbiased investment advice.

“The philosophy, values and expertise of Dan Wilson and Bob Dignan, CedarPoint’s principals, are a strong fit with the holistic approach we have at Midland to serve every area of our clients’ financial needs.”

“We think CedarPoint’s clients will benefit from the enhanced technology, broader resources and client support Midland offers.  By leveraging the strength of Midland’s wealth management platform, the CedarPoint team will have an even greater ability to help our clients meet their financial goals,” Dignan stated.