First Midwest Bank has formed a wealth management division, providing fiduciary, investment and private banking services to individual, corporate and governmental clients as part of a “strategic organizational realignment,” the bank announced yesterday.

Robert Diedrich, who previously headed First Midwest’s trust division, will take charge of the new unit, which manages over $5 billion in client assets and combines trust, retail investment and private banking, the firm said. 

First Midwest Bank is a wholly-owned subsidiary of Itasca, IL-based First Midwest Bancorp and has some 100 offices throughout metropolitan Chicago, Northwest Indiana, central and western Illinois, and eastern Iowa.