Wintrust Completes the Acquisition of Certain Assets and Assumption of Certain Liabilities of American Enterprise Bank
December 07 2018 - 4:30PM
Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today
announced that its subsidiary, Northbrook Bank & Trust Company,
has completed its previously announced acquisition of certain
assets and the assumption of certain liabilities of American
Enterprise Bank (“AEB”) which had banking offices located in
Buffalo Grove, Highland Park and Schaumburg, Illinois.
As of November 30, 2018, AEB had approximately
$128 million in loans and approximately $152 million in deposits,
substantially all of which were acquired by Wintrust.
Edward J. Wehmer, President and CEO of Wintrust,
said, “This expands and complements our market presence in the
north and northwest suburbs of Chicago. We look forward to
continuing the community banking approach that American Enterprise
Bank conducted and to providing its customers with an expanded
array of products, services and resources. We welcome the AEB
customers to Wintrust.”
“We are very pleased to conclude this
transaction,” said Bradley D. Gordon, Chief Executive Officer of
American Enterprise Bank. “We see many advantages for our
customers, given Wintrust’s community banking philosophy, its range
of products and services offered and its reputation within the
communities that we serve.”
Terms of the Transaction
Wintrust paid a premium of 4.2% on the deposit
balances assumed. The consideration paid or received for the
remainder of the assets acquired and liabilities assumed,
respectively, was transacted at fair market value. The
significant assets acquired included substantially all of AEB’s
loans, investment securities, certain cash balances held at the
Federal Reserve Bank and specified OREO properties. The
significant liabilities assumed included all customer deposits and
Federal Home Loan Bank advances. Excluded assets and
liabilities included, among other items, the real property owned by
AEB (other than specified OREO properties). The transaction
is not expected to have a material effect on Wintrust’s 2018 or
2019 earnings per share.
Advisors
Barack Ferrazzano Kirschbaum & Nagelberg,
LLP acted as AEB’s transaction counsel, and Schiff Hardin LLP
served as transaction counsel to Wintrust.
About Wintrust
Wintrust is a financial holding company with
assets of approximately $30 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 160 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 certain assets and assumption of
certain liabilities of American Enterprise Bank by a subsidiary of
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 disclosures 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
Bradley D. Gordon, Chairman, President and CEO – American Enterprise Bank, (847) 465-7844
Wintrust Website address: www.wintrust.com
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