Wintrust Financial Corporation Announces the Closing of the Acquisition of Countryside Bank

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[{"type":"text","content":"ROSEMONT, Ill., Nov. 01, 2019 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced the completion of its previously announced acquisition of SBC, Incorporated (“SBC”). SBC is the parent company of Countryside Bank, an Illinois state-chartered bank, which operates six banking offices located in the communities of Countryside, Burbank, Darien, Homer Glen, Oak Brook and Chicago, Illinois. As of October 31, 2019, Countryside Bank had approximately $578 million in assets, approximately $434 million in loans and approximately $501 million in deposits. \n Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction further develops our market presence in the western suburbs of the Chicago metropolitan area. Countryside Bank has a long history of 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.” John D. Wheeler, SBC’s President & CEO, stated, “Countryside Bank’s motto is ‘It’s Grow Time’ and this partnership will continue that promise. We are excited about combining resources with Wintrust, with its financial capabilities to support further expansion, and continuing to offer highly personalized banking services.” Mr. Wheeler emphasized that by joining forces with Wintrust, “the transaction allows us to continue focusing on serving our customers, while becoming part of a larger successful Chicagoland banking organization. We clearly see benefits for our customers.” Terms of the Transaction The aggregate purchase price to SBC shareholders is approximately $95.2 million. In the transaction, each share of SBC common stock outstanding at the time of the merger was converted into the right to receive merger consideration paid in a combination of approximately 50% cash and 50% shares of Wintrust common stock based on Wintrust’s average trading price at closing determined in accordance with the merger agreement. The transaction is not expected to have a material effect on Wintrust’s 2019 earnings per share. Advisors Sandler O’Neill + Partners, L.P. acted as exclusive financial advisor to SBC in the transaction. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as SBC’s transaction counsel, and Schiff Hardin LLP served as transactio...

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