Greenwoods to Acquire Three Branch Locations of Town Bank
January 14 2021 - 4:05PM
Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) and
Greenwoods Financial Group, Inc., the parent company of The
Greenwood’s State Bank (“Greenwoods”), today announced a signed
branch purchase and assumption agreement for three southwestern
Wisconsin branch locations of Wintrust’s wholly-owned subsidiary
Town Bank, N.A. The three branches subject to the transaction are
located in Albany, Darlington and Monroe, Wisconsin. Through this
transaction, subject to final adjustments, Greenwoods will assume
approximately $80 million of deposits and acquire the bank
facilities, and various other assets.
“This acquisition represents an opportunity for
us to expand our presence in southern Wisconsin,” said Bill
McDonald, CEO of Greenwoods. “We look forward to building upon the
franchise that Town Bank established at these locations and
continuing to provide its customers with a full array of community
banking products and services.”
Jay C. Mack, President and CEO of Town Bank,
said, “This transaction will allow us to focus our efforts on our
primary markets. We feel that Greenwoods is a good buyer for these
branch locations and will work hard, as we will, to ensure a smooth
transition for our customers, colleagues and the local
communities.”
The terms of the transaction are not being
disclosed at this time. The transaction is subject to approval by
banking regulators and certain closing conditions. The transaction
is expected to close in the second quarter of 2021 and is not
expected to have a material effect on Wintrust’s 2021 earnings per
share.
About Wintrust
Wintrust is a financial holding company with
assets of over $43 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 180 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.
About Greenwoods
Greenwoods, founded in 1884, is headquartered in
Lake Mills, Wisconsin, and is a state‑chartered non-member bank.
Greenwoods currently has locations in Jefferson, Green, Rock,
Racine, Walworth, and Waukesha Counties. Greenwoods is a high
touch, community focused bank centered on its customers. Greenwoods
has the technology products of a larger bank but delivers its
products and services with a hometown community bank style.
Greenwoods’ experienced staff offers solutions to both personal and
business banking needs. Greenwoods has local decision making and
does its own loan underwriting, and its customers deal with bankers
face to face. Greenwoods offers robust technology that allows its
customers to access their accounts any time, day or night, both
online or through its app on mobile devices, for business and
personal banking products. Greenwoods partners with the local
communities it serves, investing its assets through loans to its
neighbors, friends, family, and local businesses.
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 Town Bank, a subsidiary of Wintrust, by The
Greenwood’s State Bank, 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, Founder and CEO – Wintrust
Financial Corporation, (847) 939-9000David A. Dykstra, COO –
Wintrust Financial Corporation, (847) 939-9000Bill McDonald, CEO –
The Greenwood’s State Bank, (920) 648-2324
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