Wintrust Financial Corporation Announces the Closing of the Acquisition of First Lansing Bancorp, Inc.
May 01 2013 - 4:01PM
Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today
announced the completion of its previously announced acquisition of
First Lansing Bancorp, Inc. ("FLB"). FLB is the parent company of
First National Bank of Illinois ("FNBI"). Established in 1945,
FNBI is headquartered in Lansing, Illinois and operates seven
banking locations in the south and southwest suburbs of Chicago, as
well as one location in northwest Indiana. Following the
transaction, FNBI will be merged into Wintrust's wholly-owned
subsidiary, Old Plank Trail Community Bank, N.A. FNBI's
banking locations will operate as branches of Old Plank Trail
Community Bank, N.A.
FNBI has an established history of serving its communities
dating back nearly seventy years. As of March 31, 2013, it had
approximately $365 million in assets and approximately $323 million
in deposits. FNBI's approach to customer service is similar to
that at each of the fifteen Wintrust Community Banks and their more
than 100 banking locations. In all aspects of the community
banking business, including services, products, and staff, a high
level of involvement between bank employees, customers and the
communities served has always been a top priority of FNBI.
Edward J. Wehmer, President and CEO of Wintrust, said, "This
transaction provides a terrific opportunity to expand our presence
in the southern part of our market area and helps us continue on
our path to become Chicago's Bank. First National Bank has
established a great community bank franchise and we look forward to
continuing to build that franchise and providing its local
communities with an expanded array of products and services."
Christopher M. Morrow, Chairman of FNBI remarked, "For three
generations, our family has proudly served Will and Cook County
Illinois as well as Lake County Indiana. We felt that now is
the right time to expand our commitment by partnering with
Wintrust, a substantial regional bank who shares our passion and
expands our capacity to serve our communities."
Gilbert W. Rynberk, President of FNBI, added, "We are excited
about combining resources with Wintrust. This is a great
opportunity to partner with a successful organization that has the
financial capabilities to support the growth of our franchise and
is like-minded in its approach to offering highly personalized
customer-oriented retail and commercial banking services."
Mr. Rynberk emphasized that by joining forces with Wintrust,
"the transaction allows us to continue focusing on serving our
customers, while at the same time providing our customers with
access to a wider range of products and services. We clearly
see benefits for our customers and we are pleased to join the
Wintrust family."
Terms of the Transaction
The aggregate purchase price was approximately $38.5 million.
In the merger, outstanding shares of FLB common stock
outstanding were converted into the right to receive merger
consideration paid in a combination of approximately 40% cash and
approximately 60% shares of Wintrust common stock.
The transaction is not expected to have a material effect on
Wintrust's 2013 earnings per share.
About Wintrust
Wintrust is a financial holding company with assets of
approximately $17 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, now with over 100 banking locations
located in the greater Chicago and Milwaukee market areas.
Additionally, the Company operates various non-bank subsidiaries
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, companies 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
acquisition of First Lansing Bancorp, Inc. and integration of First
Lansing Bancorp, Inc. with 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 disclosure contained in Wintrust's Annual
Report on Form 10-K for the most recently ended fiscal year.
Forward-looking statements speak only as of the date made and
Wintrust undertakes no duty to update the information.
CONTACT: Edward J. Wehmer, President/CEO -
Wintrust Financial Corporation, (847) 939-9000
David A. Dykstra, COO -
Wintrust Financial Corporation, (847) 939-9000
Gilbert W. Rynberk -
First Lansing Bancorp, Inc. (708) 474-1300
Wintrust Website address: www.wintrust.com
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