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Wintrust Financial Corporation Announces the Closing of the Acquisition of STC Capital Bank
ROSEMONT, Ill., Oct. 07, 2019 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced the completion of its previously
About this update from Wintrust Financial Corporation
[{"type":"text","content":"ROSEMONT, Ill., Oct. 07, 2019 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced the completion of its previously announced acquisition of STC Bancshares Corp. (“STC”). STC is the parent company of STC Capital Bank, an Illinois state-chartered bank, which operates five banking offices located in the communities of St. Charles, Geneva and South Elgin, Illinois. As of June 30, 2019, STC Capital Bank had approximately $275 million in assets, approximately $190 million in loans and approximately $244 million in deposits. \n Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction expands and complements our market presence in the western suburbs of the Chicago metropolitan area. STC Capital Bank has a wonderful reputation for 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.” “We are very pleased to complete the transaction and join forces with Wintrust,” said Anthony V. Sisto, STC’s Chairman. “We see tremendous benefits to this new partnership with a financial organization that is similarly-minded in their philosophy of offering highly personalized customer-oriented banking services with financial capabilities to support further expansion.” Christopher D. Woelffer, STC’s President emphasized that “By joining forces with Wintrust, STC Capital Bank’s customers will not only retain very high levels of customer service but will also gain access to a wider range of products and services.” Terms of the Transaction The aggregate purchase price (including the value of in-the-money outstanding unexercised stock options) to STC shareholders is approximately $46.7 million. Shares of STC common stock outstanding at the time of the merger were converted into the right to receive merger consideration paid in a combination of approximately 50% cash and 50% shares of Wintrust common stock. Advisors D.A. Davidson & Co. acted as exclusive financial advisor to STC in the transaction and provided a fairness opinion to its Board of Directors. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as STC’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust. About Wintrust Wintrust is a financial holding com...