Chicagoland banking giant Wintrust Financial Coporation has agreed to acquire American Enterprise Bank, Buffalo Grove, Ill., through a subsidiary.
The Rosemount, Ill.-based Wintrust will acquire substantially all of AEB’s loans, investment securities and customer deposits, as well as specified OREO properties, through its subsidiary Northbrook Bank & Trust Company, Northbrook, Ill.
As of June 30, AEB had about $200 million in assets, $151 million in loans and a $157 million in deposits. It has three offices in Buffalo Grove, Highland Park and Schaumburg, Ill.
After the deal closes in the fourth quarter, Northbrook will have about $2.5 billion in assets.
“This transaction provides a wonderful opportunity to expand and complement our market presence in the north and northwest suburbs of Chicago,” said Edward J. Wehmer, president and CEO of the $29 billion Wintrust, which operates 15 community bank subsidiaries with more than 160 banking offices in the greater Chicago and southern Wisconsin markets.
“We are very pleased to announce this transaction,” said Bradley D. Gordon, CEO of American Enterprise Bank. “We see many advantages for our customers, given Wintrust’s community banking philosophy, its range of products and services offered and its reputation within the communities that we currently serve.
Barack Ferrazzano Kirschbaum & Nagelberg, LLP acted as AEB’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.