Wintrust Financial Corporation Announces the Closing of the Acquisition of First Community Financial Corporation
November 18 2016 - 4:36PM
Wintrust Financial Corporation (“Wintrust”) (Nasdaq:WTFC) today
announced the completion of its previously announced acquisition of
First Community Financial Corporation (“FCFC”). FCFC is the
parent company of First Community Bank, an Illinois state-chartered
bank, which operates two banking locations in Elgin,
Illinois. As of September 30, 2016, First Community Bank had
approximately $172 million in assets, approximately $81 million in
loans and approximately $147 million in deposits.
Edward J. Wehmer, President and CEO of Wintrust,
said, “This transaction allows us to expand and complement our
market presence in Elgin, Illinois. We look forward to
continuing with the community banking approach that First Community
Bank has established and to providing its customer base with an
expanded array of products and services.”
Thomas M. Johannesen, CEO of First Community
Bank, stated, “We are excited to commence our partnership with a
successful organization that is like-minded in its philosophy of
offering highly personalized customer-oriented retail and
commercial banking services with financial capabilities to support
further expansion.” Mr. Johannesen 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
$33.5 million. Shares of FCFC 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.
Advisors
Hovde Group, LLC acted as exclusive financial
advisor to FCFC in the transaction and provided a fairness opinion
to its Board of Directors. Barack Ferrazzano Kirschbaum &
Nagelberg LLP acted as FCFC’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 $25 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 First Community Financial
Corporation and its integration 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 any
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.
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
Thomas M. Johannesen, President/CEO – First Community Financial Corporation, (847) 622-8800
Wintrust Website address: www.wintrust.com
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