Chicago’s Wintrust bank is adding to its footprint in the area with its acquisition of a bank on the western edge of the area.
Based in St. Charles, STC Capital Bank has five offices in St. Charles, Geneva and South Elgin, Ill. As of March 31, it had $277 million in assets, $204 million in loans and $246 million in deposits
“This transaction is a great opportunity to expand and complement our market presence in the western suburbs of the Chicago metropolitan area,” said Edward J. Wehmer, president and CEO of Wintrust.
The $32 billion Wintrust operates fifteen community bank subsidiaries with over 160 banking locations located in the greater Chicago and southern Wisconsin.
“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,” said STC President Christopher D. Woelffer. “We clearly see benefits for our customers, shareholders and employees and we look forward to joining the Wintrust family.”
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.