ROSEMONT, Ill., April 7, 2014 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today announced the signing of a definitive agreement to acquire, through its wholly-owned subsidiary Town Bank, the Pewaukee, Wisconsin branch of THE National Bank. Through this transaction, subject to final adjustments, Town Bank will acquire approximately $40 million of deposits, approximately $90 million of performing loans, the bank facility, property and various other assets.
Edward J. Wehmer, President and CEO of Wintrust, said, "This transaction provides a terrific opportunity to expand our presence in the western suburbs of Milwaukee. THE National Bank has established a great community bank franchise in Pewaukee with a well-regarded team of bankers. We look forward to continuing to build that franchise and providing its customers with an expanded array of products and services."
John D. DeDoncker, President and CEO of THE National Bank, remarked, "This transaction will allow us to focus our efforts on our primary markets in Iowa and Illinois where we have stronger market positions. We feel that Wintrust is a good buyer for the Pewaukee 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. The transaction is subject to approval by banking regulators and certain closing conditions. The transaction is expected to close in the third quarter of 2014 and is not expected to have a material effect on Wintrust's 2014 earnings per share.
Wintrust is a financial holding company with assets of approximately $18 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 120 banking locations located in the greater Chicago and Milwaukee 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.
About THE National Bank
THE National Bank is a full service community bank headquartered in Bettendorf, Iowa. Additional offices are located in Davenport, Iowa; Canton, Chadwick, East Moline, Elgin, Havana, Milan, Moline, Morrison, Mt. Carroll, Rapids City, Savanna, Silvis, and Sterling, Illinois. THE National Bank is a subsidiary of Triumph Bancorp, Inc. a financial holding company headquartered in Dallas, Texas, with interests in commercial and community banking.
This press release contains forward-looking statements within the meaning of the federal securities laws relating to the proposed acquisition of a branch of THE National Bank and integration of such branch 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. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.
CONTACT: FOR MORE INFORMATION CONTACT: Edward J. Wehmer, President and CEO - Wintrust Financial Corporation, (847) 939-9000 David A. Dykstra, COO - Wintrust Financial Corporation, (847) 939-9000 John D. DeDoncker, President and CEO - THE National Bank (563) 823-3333 Wintrust Website address: www.wintrust.comSource:Wintrust Financial Corporation