Illinois’ Wintrust Financial has inked an agreement to acquire Rush-Oak Corporation and its subsidiary Oak Bank, both of Chicago, for $46 million.
The one-branch Oak Bank has $196 million in assets, $143 million in loans and $158 million in deposits.
“We are excited about the opportunity to combine resources with Wintrust,” said Roy Curran, president of Oak Bank. “This is a wonderful opportunity to partner with a successful organization that is like-minded in its philosophy of offering highly personalized customer-oriented banking services.”
The $31 billion Wintrust will pay cash for Oak Brook in the deal, which is “a great opportunity to expand our market presence in the heart of the city of Chicago,” President and CEO Edward Wehmer said.
Rush-Oak will use $9 million to buy back minority shares prior to close of the deal, expected in the second quarter.
Rosemount-based Wintrust most recently bought American Enterprise Bank, Buffalo Grove, Ill.
Stephens Inc. acted as exclusive financial advisor to ROC in the transaction and provided a fairness opinion to its Board of Directors.
Hinshaw & Culbertson LLP acted as ROC’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.