Wintrust Financial Corporation Announces the Closing of the Acquisition of Diamond Bancorp, Inc.
October 18 2013 - 6:15PM
Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today
announced the completion of its previously announced acquisition of
Diamond Bancorp, Inc. ("Diamond"). Diamond is the parent company of
Diamond Bank, FSB ("Diamond Bank"). With a history dating back to
1886, Diamond Bank operates four banking locations in Chicago,
Schaumburg, Elmhurst and Northbrook, Illinois. Following the
transaction, Diamond Bank will be merged into Wintrust's
wholly-owned subsidiary, North Shore Community Bank & Trust
Company. Diamond Bank's banking locations will operate as
branches of North Shore Community Bank & Trust Company.
Diamond Bank has an established tradition of serving its
communities dating back more than 100 years. As of September
30, 2013, it had approximately $165 million in assets and
approximately $135 million in deposits. Diamond Bank's
approach to customer service is similar to the philosophy embraced
by each of the fifteen Wintrust Community Banks and their more than
115 banking locations.
Edward J. Wehmer, President and CEO of Wintrust, said, "This
transaction allows us to expand our presence on the north side of
the city of Chicago and to supplement our suburban
franchise. This acquisition further assists us in achieving
our goal of becoming Chicago's Bank. Diamond Bank is a long
established enterprise which focuses on providing great customer
service and we look forward to continuing to build upon its history
and providing its local communities with an expanded array of
products and services."
Matthew Gambs, President of Diamond Bank, added, "We are excited
about combining resources with Wintrust. Our customers and
employees will benefit from partnering with a successful
organization that has the financial capabilities to support the
growth of our franchise." Mr. Gambs 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 are pleased to join the Wintrust family."
Terms of the Transaction
The aggregate purchase price was approximately $2.9
million. In the merger, outstanding shares of Diamond common
stock were converted into the right to receive cash merger
consideration.
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 $18 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 115 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 Diamond Bancorp, Inc. and integration of Diamond
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 and in Wintrust's 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.
CONTACT: Edward J. Wehmer, President/CEO -
Wintrust Financial Corporation, (847) 939-9000
David A. Dykstra, COO -
Wintrust Financial Corporation, (847) 939-9000
Matthew Gambs, President -
Diamond Bancorp, Inc. (847) 427-7800
Wintrust Website address: www.wintrust.com
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