Chicago-based Wintrust Financial is selling three branches in southwestern Wisconsin to The Greenwood’s State Bank, Lake Mills, Wis.
The three branches, which are part of Wintrust’s subsidiary Waukesha, Wis.-based Town Bank, N.A., are in Albany, Darlington and Monroe. The transaction includes about $80 million in deposits.
“This acquisition represents an opportunity for us to expand our presence in southern Wisconsin,” said Bill McDonald, CEO of Greenwoods. “We look forward to building upon the franchise that Town Bank established at these locations and continuing to provide its customers with a full array of community banking products and services.”
Founded in 1884, the $376 million Greenwoods currently has seven locations in Jefferson, Green, Rock, Racine, Walworth, and Waukesha Counties.
Terms of the deal, set to close in the second quarter, were not disclosed.
“This transaction will allow us to focus our efforts on our primary markets,” said Jay C. Mack, president and CEO of the $2.9 billion Town Bank. “We feel that Greenwoods is a good buyer for these branch locations and will work hard, as we will, to ensure a smooth transition for our customers, colleagues and the local communities.”
The $43 billion Wintrust operates 14 other charters in Illinois.