Wintrust Financial Corporation Announces the Closing of the Acquisition of STC Capital Bank
October 07 2019 - 4:18PM
Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today
announced the completion of its previously announced acquisition of
STC Bancshares Corp. (“STC”). STC is the parent company of
STC Capital Bank, an Illinois state-chartered bank, which operates
five banking offices located in the communities of St. Charles,
Geneva and South Elgin, Illinois. As of June 30, 2019, STC
Capital Bank had approximately $275 million in assets,
approximately $190 million in loans and approximately $244 million
in deposits.
Edward J. Wehmer, President and CEO of Wintrust,
said, “This transaction expands and complements our market presence
in the western suburbs of the Chicago metropolitan area. STC
Capital Bank has a wonderful reputation for providing outstanding
customer service using a community banking approach. We look
forward to continuing that tradition and to providing its customers
with an expanded array of products, services and
resources.”
“We are very pleased to complete the transaction
and join forces with Wintrust,” said Anthony V. Sisto, STC’s
Chairman. “We see tremendous benefits to this new partnership
with a financial organization that is similarly-minded in their
philosophy of offering highly personalized customer-oriented
banking services with financial capabilities to support further
expansion.” Christopher D. Woelffer, STC’s President
emphasized that “By joining forces with Wintrust, STC Capital
Bank’s customers will not only retain very high levels of customer
service but will also gain access to a wider range of products and
services.”
Terms of the Transaction
The aggregate purchase price (including the
value of in-the-money outstanding unexercised stock options) to STC
shareholders is approximately $46.7 million.
Shares of STC common stock outstanding at the time of
the merger were converted into the right to receive merger
consideration paid in a combination of approximately 50% cash and
50% shares of Wintrust common stock.
Advisors
D.A. Davidson & Co. acted as exclusive
financial advisor to STC in the transaction and provided a fairness
opinion to its Board of Directors. Barack Ferrazzano
Kirschbaum & Nagelberg LLP acted as STC’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 $34 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 170 banking locations located in the greater
Chicago and southern Wisconsin market areas. Additionally, Wintrust
operates various non-bank business units including business units
which provide commercial and life insurance premium financing in
the United States, a premium finance company operating in 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 and qualified intermediary
services for tax-deferred exchanges.
Forward-Looking Information
This press release contains forward-looking
statements within the meaning of the federal securities laws
relating to the acquisition of STC 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) 939-9000David
A. Dykstra, COO – Wintrust Financial Corporation, (847)
939-9000Anthony V. Sisto, Chairman – STC Bancshares Corp., (630)
377-1555Christopher D. Woelffer, President – STC Bancshares Corp.,
(630) 377-1555Wintrust Website address: www.wintrust.com
Wintrust Financial (NASDAQ:WTFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wintrust Financial (NASDAQ:WTFC)
Historical Stock Chart
From Jul 2023 to Jul 2024