Wintrust Financial Corporation Announces the Acquisition of Branch of PyraMax Bank, FSB
January 04 2019 - 4:15PM
Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today
announced the acquisition, through its wholly-owned subsidiary Town
Bank, of a Milwaukee, Wisconsin branch of PyraMax Bank, FSB.
Through this transaction, subject to final adjustments,
Town Bank acquired approximately $5 million of deposits, the bank
facility and property located at 1605 W. Mitchell Street in
Milwaukee, and various other assets.
Jay C. Mack, President and CEO of Town Bank,
said, “This transaction provides a terrific opportunity to expand
our presence in the city of Milwaukee. We look forward to
continuing to build upon the franchise that PyraMax Bank
established and to providing its customers with an expanded array
of products and services.”
Richard B. Hurd, President and CEO of PyraMax
Bank, FSB, remarked, “This transaction will allow us to focus our
efforts on our primary markets. We feel that Wintrust is a
good buyer for the Mitchell Street 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.
Advisors
In connection with the transaction, Edelman
& Co., Ltd. served as financial adviser and Quarles & Brady
LLP served as legal counsel for PyraMax Bank. Schiff Hardin
LLP served as legal 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 PyraMax Bank, FSB 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 and CEO – Wintrust Financial Corporation, (847)
939-9000David A. Dykstra, COO – Wintrust Financial Corporation,
(847) 939-9000Richard B. Hurd, President and CEO – PyraMax Bank,
FSB, (414) 421-8200
Wintrust Website address: www.wintrust.com
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