MB Financial Bank recently completed its acquisition of the Illinois court-appointed guardianship and special needs trust business of JPMorgan Chase, according to Mitchell Feiger, president and CEO of MB Financial, Inc. (NASDAQ: MBFI), parent of MB Financial Bank, N.A. Terms of the deal were not announced. 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.
This more than adquately becries the depth of the problem–“$200 million in guardianship business”. Many clients end up in probate with their assets dumped into a “pooled disabled trust” which is supposed to take no fees greater than normal, from from the accountings I have seen, that is a far cry from the truth and I’ve received many oa complaint over fee charged by banks.
MB financial has some $15 billion in assets, so this is but a drop in their mega corp business.
The question really is, do we want a mega corp owning grandma and grandpa. This is one likely source of the push for “seniors for cash” in the court system.