Wintrust Financial Corporation Announces Plans to Acquire a Branch of THE National Bank
April 07 2014 - 4:01PM
Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today
announced the signing of a definitive agreement to acquire, through
its wholly-owned subsidiary Town Bank, the Pewaukee, Wisconsin
branch of THE National Bank. Through this transaction, subject to
final adjustments, Town Bank will acquire approximately $40 million
of deposits, approximately $90 million of performing loans, the
bank facility, property and various other assets.
Edward J. Wehmer, President and CEO of Wintrust, said, "This
transaction provides a terrific opportunity to expand our presence
in the western suburbs of Milwaukee. THE National Bank has
established a great community bank franchise in Pewaukee with a
well-regarded team of bankers. We look forward to continuing to
build that franchise and providing its customers with an expanded
array of products and services."
John D. DeDoncker, President and CEO of THE National Bank,
remarked, "This transaction will allow us to focus our efforts on
our primary markets in Iowa and Illinois where we have stronger
market positions. We feel that Wintrust is a good buyer for the
Pewaukee office and will work hard to ensure a smooth transition
for our customers and colleagues who will be joining
Wintrust."
The terms of the transaction are not being disclosed at this
time. The transaction is subject to approval by banking
regulators and certain closing conditions. The transaction is
expected to close in the third quarter of 2014 and is not expected
to have a material effect on Wintrust's 2014 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 120 banking locations located
in the greater Chicago and Milwaukee 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.
About THE National Bank
THE National Bank is a full service community bank headquartered
in Bettendorf, Iowa. Additional offices are located in
Davenport, Iowa; Canton, Chadwick, East Moline, Elgin, Havana,
Milan, Moline, Morrison, Mt. Carroll, Rapids City, Savanna, Silvis,
and Sterling, Illinois. THE National Bank is a subsidiary of
Triumph Bancorp, Inc. a financial holding company headquartered in
Dallas, Texas, with interests in commercial and community
banking.
Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the federal securities laws relating to the proposed
acquisition of a branch of THE National Bank and integration of
such branch 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: FOR MORE INFORMATION CONTACT:
Edward J. Wehmer,
President and CEO - Wintrust Financial Corporation,
(847) 939-9000
David A. Dykstra,
COO - Wintrust Financial Corporation,
(847) 939-9000
John D. DeDoncker,
President and CEO - THE National Bank
(563) 823-3333
Wintrust Website address: www.wintrust.com
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