Wintrust Financial Corporation Announces the Closing of the Acquisition of Generations Bancorp, Inc.
March 31 2016 - 4:04PM
Wintrust Financial Corporation (“Wintrust”) (Nasdaq:WTFC) today
announced the completion of its previously announced acquisition of
Generations Bancorp, Inc. (“Generations”). Generations,
headquartered in Pewaukee, Wisconsin, is the parent company of
Foundations Bank, a Wisconsin state-chartered bank, which operates
one banking location in Pewaukee, Wisconsin. As of March 31,
2016, Foundations Bank had approximately $124 million in assets,
approximately $73 million in loans and approximately $96 million in
deposits. Immediately following the closing of the
transaction, Foundations Bank was merged into Wintrust’s
wholly-owned Wisconsin banking subsidiary, Town Bank.
Foundations Bank’s location will operate as a branch of Town Bank.
Edward J. Wehmer, President and CEO of Wintrust,
said, “This transaction allows us to expand and complement our
existing market presence in Pewaukee, Wisconsin. We look
forward to continuing with the community banking approach that
Foundations Bank has established and to providing its customer base
with an expanded array of products and services.”
John M. Hazod, President and CEO of Foundations
Bank, stated, “We are excited to begin our partnership with a
successful organization that is compatible with ours. We
share a philosophy of offering highly personalized
customer-oriented retail and commercial banking services.”
Mr. Hazod emphasized that by joining forces with Wintrust,
“the transaction allows us to continue to provide high quality
service to our customers, while at the same time providing our
customers with access to a wider range of products. We are
pleased to join the Wintrust family.”
Terms of the TransactionThe
aggregate purchase price was approximately $25.1 million.
Shares of Generations common stock outstanding at the time of the
merger were converted into the right to receive merger
consideration paid in cash. The transaction is not expected
to have a material effect on Wintrust’s 2016 earnings per
share.
AdvisorsHovde Group, LLC acted
as exclusive financial advisor to Generations in the transaction
and provided a fairness opinion to its Board of Directors.
Godfrey & Kahn, S.C. acted as Generations’ legal advisor and
Schiff Hardin LLP served as outside counsel to Wintrust.
About WintrustWintrust is a
financial holding company with assets of approximately $23 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 150 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 acquisition of Generations Bancorp, Inc. and
integration of Generations 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.
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
John M. Hazod, President/CEO – Foundations Bank, (262) 691-9400
Wintrust Website address: www.wintrust.com
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