Rosemount, Ill.-based Wintrust Bank is going to acquire Countryside, Ill.-based SBC, Incorporated, and its subsidiary Countryside Bank.
The deal is expected to close in the fourth quarter. As of March 31, Countryside Bank had approximately $594 million in assets, approximately $411 million in loans and approximately $509 million in deposits. It has six branches in the Chicago, Countryside, Burbank, Darien, Homer Glen and Oak Brook, Ill.
“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 the $33 billion Wintrust.
Wintrust currently operates 14 charters in northern Illinois and southern Wisconsin. Most recently, it agreed to acquired STC Capital Bank in June and Oak Bank in February.
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 transaction counsel to Wintrust.