WTFC Wintrust Financial Corporation

Wintrust Financial Corporation (“Wintrust”) (Nasdaq:WTFC) today announced that its subsidiary Northbrook Bank & Trust Company has signed a definitive agreement to acquire certain assets and assume certain liabilities of American Enterprise Bank (“AEB”) which is headquartered in Buffalo Grove, Illinois, with additional branch offices located in Highland Park and Schaumburg, Illinois.  As of June 30, 2018, AEB had approximately $200 million in assets, including approximately $151 million in loans and approximately $157 million in deposits. 

Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction provides a wonderful opportunity to expand and complement our market presence in the north and northwest suburbs of Chicago.  We look forward to continuing the community banking approach that American Enterprise Bank has established and to providing its customers with an expanded array of products, services and resources.” 

“We are very pleased to announce this transaction,” said Bradley D. Gordon, Chief Executive Officer of American Enterprise Bank.  “We see many advantages for our customers, given Wintrust’s community banking philosophy, its range of products and services offered and its reputation within the communities that we currently serve.  We look forward to joining the Wintrust family.”

Terms of the Transaction

The terms of the transaction are not being disclosed at this time.  The assets to be acquired include substantially all of AEB’s loans, investment securities and customer deposits at closing, as well as specified OREO properties.  Excluded assets and liabilities include real property owned by AEB (other than OREO properties).  Subject to approval by banking regulators and AEB’s stockholders and certain closing conditions, the transaction is expected to close late in the fourth quarter of 2018, and is not expected to have a material effect on Wintrust’s 2018 earnings per share.

Advisors

Barack Ferrazzano Kirschbaum & Nagelberg, LLP acted as AEB’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.

About Wintrust

Wintrust is a financial holding company with assets of approximately $29 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries with over 160 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, the Company operates various non-bank business units, including one of the largest commercial insurance premium finance companies operating in the United States and Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the federal securities laws relating to the proposed acquisition of certain assets and assumption of certain liabilities of American Enterprise Bank by a subsidiary of Wintrust, the combination of their businesses and projected revenue, as well as profitability and earnings outlook.  Investors are cautioned that such statements are predictions and actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosures contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year and any subsequent Quarterly Report on Form 10-Q.  Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

FOR MORE INFORMATION CONTACT:

Edward J. Wehmer, President/CEO – Wintrust Financial Corporation, (847) 939-9000

David A. Dykstra, COO – Wintrust Financial Corporation, (847) 939-9000

Bradley D. Gordon, Chairman, President and CEO – American Enterprise Bank, (847) 465-7844

Wintrust Website address: www.wintrust.com