Wintrust Financial Corporation Announces Plans to Acquire Suburban Illinois Bancorp, Inc.
April 02 2015 - 9:20AM
Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today
announced the signing of a definitive agreement to acquire Suburban
Illinois Bancorp, Inc. ("Suburban"). Suburban, headquartered in
Elmhurst, Illinois, is the parent company of Suburban Bank &
Trust Company ("SBT"), an Illinois-state chartered bank, which
operates ten banking locations in Chicago and its suburbs.
Since its formation in 1976, SBT has served its communities with
exceptional personal service, great products and
convenience. As of December 31, 2014, SBT had
approximately $470 million in assets, approximately $297 million in
loans and approximately $411 million in deposits.
Edward J. Wehmer, President and CEO of Wintrust, said, "This
transaction provides a wonderful opportunity to expand into the
desirable Elmhurst market in a meaningful way and complement our
growing presence in other suburban markets. We look forward to
continuing with the community banking approach that SBT has
established and to providing their customer base with an expanded
array of products and services. Upon completion of the
transaction, several of Wintrust's community banks will have
branches that share market areas with existing Suburban
branches. We are in the process of evaluating those overlaps,
and expect to combine approximately six branches during the second
half of 2015."
Donald A. O'Day, President of Suburban, stated, "This is a great
opportunity to partner with a successful organization that shares a
similar philosophy of offering customers highly personalized
customer-oriented retail and commercial banking services."
Mr. O'Day emphasized that by joining 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 see many
benefits for our customers and shareholders and we look forward to
joining forces with the Wintrust family."
Terms of the Transaction
Subject to possible adjustment, Wintrust will pay approximately
$12.5 million in cash for all the outstanding shares of Suburban's
common stock.
The transaction is subject to approval by banking regulators and
Suburban's shareholders, and certain closing conditions. The
transaction is expected to close late in the second quarter or
early in the third quarter of 2015 and is not expected to have a
material effect on Wintrust's 2015 earnings per share.
Advisors
Hovde Group LLC acted as exclusive financial advisor to Suburban
in the transaction and provided a fairness opinion to its Board of
Directors. Barack Ferrazzano Kirschbaum & Nagelberg LLP
acted as Suburban's legal advisor and Schiff Hardin LLP served as
outside counsel to Wintrust.
About Wintrust
Wintrust is a financial holding company with assets of
approximately $20 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 140 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 Suburban and integration of Suburban 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
Donald A. O'Day,
President - Suburban Illinois Bancorp, Inc.
(630) 592-2000
Wintrust Website address: www.wintrust.com
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