ROSEMONT, Ill., March 31, 2016 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq:WTFC) today announced the completion of its previously announced acquisition of Generations Bancorp, Inc. (“Generations”). Generations, headquartered in Pewaukee, Wisconsin, is the parent company of Foundations Bank, a Wisconsin state-chartered bank, which operates one banking location in Pewaukee, Wisconsin. As of March 31, 2016, Foundations Bank had approximately $124 million in assets, approximately $73 million in loans and approximately $96 million in deposits. Immediately following the closing of the transaction, Foundations Bank was merged into Wintrust’s wholly-owned Wisconsin banking subsidiary, Town Bank. Foundations Bank’s location will operate as a branch of Town Bank.
Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction allows us to expand and complement our existing market presence in Pewaukee, Wisconsin. We look forward to continuing with the community banking approach that Foundations Bank has established and to providing its customer base with an expanded array of products and services.”
John M. Hazod, President and CEO of Foundations Bank, stated, “We are excited to begin our partnership with a successful organization that is compatible with ours. We share a philosophy of offering highly personalized customer-oriented retail and commercial banking services.” Mr. Hazod emphasized that by joining forces with Wintrust, “the transaction allows us to continue to provide high quality service to our customers, while at the same time providing our customers with access to a wider range of products. We are pleased to join the Wintrust family.”
Terms of the Transaction
The aggregate purchase price was approximately $25.1 million. Shares of Generations common stock outstanding at the time of the merger were converted into the right to receive merger consideration paid in cash. The transaction is not expected to have a material effect on Wintrust’s 2016 earnings per share.
Hovde Group, LLC acted as exclusive financial advisor to Generations in the transaction and provided a fairness opinion to its Board of Directors. Godfrey & Kahn, S.C. acted as Generations’ legal advisor and Schiff Hardin LLP served as outside counsel to Wintrust.
Wintrust is a financial holding company with assets of approximately $23 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 150 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.
This press release contains forward-looking statements within the meaning of the federal securities laws relating to the acquisition of Generations Bancorp, Inc. and integration of Generations 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.
FOR MORE INFORMATION CONTACT: Edward J. Wehmer, President/CEO – Wintrust Financial Corporation, (847) 939-9000 David A. Dykstra, COO – Wintrust Financial Corporation, (847) 939-9000 John M. Hazod, President/CEO – Foundations Bank, (262) 691-9400 Wintrust Website address: www.wintrust.com
Source:Wintrust Financial Corporation