Greenwoods Completes Acquisition of Three Town Bank Branch Locations
April 23 2021 - 4:15PM
Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) and
Greenwoods Financial Group, Inc., the parent company of The
Greenwood’s State Bank (“Greenwoods”), today announced the closing
of a previously announced branch purchase and assumption
transaction for three southwestern Wisconsin branch locations of
Town Bank, N.A. (“Town Bank”), Wintrust’s wholly-owned subsidiary.
The three branches subject to the transaction are located in
Albany, Darlington and Monroe, Wisconsin. Through this transaction,
Greenwoods assumed approximately $78 million of deposits and
acquired the branch facilities and various other assets.
“We are pleased to complete this transaction
which allows 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, “The closing of this transaction allows us to focus our
efforts on our primary markets. Greenwoods is a wonderful banking
organization and will work hard to ensure a smooth transition for
the customers, colleagues and the local communities associated with
these branches.”
The terms of the transaction are not being
disclosed at this time.
About Wintrust
Wintrust is a financial holding company with
assets of over $45 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.
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. 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) 939-9000
David A. Dykstra, Vice Chairman and COO – Wintrust Financial Corporation, (847) 939-9000
Bill McDonald, CEO – The Greenwood’s State Bank, (920) 648-2324
Wintrust Financial (NASDAQ:WTFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wintrust Financial (NASDAQ:WTFC)
Historical Stock Chart
From Sep 2023 to Sep 2024