The Barrington, Illinois-based Clark/Bardes said it will make a first $950,000 cash payment to Hilgenberg and Associates and follow it with $1.5 million cash and stock payments over three years, contingent on meeting revenue goals.
Hilgenberg specializes in compensation, benefit, and bank-owned life insurance consulting services, the companies said.
Clark/Bardes executives said they made the acquisition, which closed Thursday, as part of their strategy to expand their Midwest banking client base.
The family-owned Hilgenberg employs three people and provides consulting services to banks in Minnesota, Iowa and Missouri.
Clark/Bardes employs about 200 people in its banking practice. Clark/Bardes’ banking practice reported 2001 revenue of just over $100 million and is forecasting revenue of approximately $107 million in 2002.
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