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ROSEMONT, Ill., Aug. 01, 2018 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced the completion of its previously announced acquisition of Chicago Shore Corporation (“CSC”). CSC is the parent company of Delaware Place Bank, an Illinois state-chartered bank, which operates a banking location in the Gold Coast/Streeterville neighborhood of Chicago, Illinois. As of June 30, 2018, Delaware Place Bank had approximately $247 million in assets, approximately $161 million in loans and approximately $216 million in deposits. Following the transaction, Delaware Place Bank will be merged into Wintrust’s wholly-owned banking subsidiary, Wintrust Bank, and its banking location will operate as a branch of Wintrust Bank.
Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction gives us a wonderful opportunity to expand and complement our market presence in the heart of the City of Chicago. We look forward to continuing the community banking approach that Delaware Place Bank has established and to providing its customers with an expanded array of products, services and resources.”
“We are very pleased to become a member of the Wintrust banking family,” said James W. Aldrich, Chairman and Chief Executive Officer, Chicago Shore Corporation and Delaware Place Bank. “This transaction brings together two companies that share core community banking philosophies and cultures. Wintrust’s Chicago-based leadership and its record of accomplishments serving families, individuals and businesses in Chicago’s neighborhoods and surrounding communities made it an attractive partner. This partnership offers our customers and employees the long-term benefits that being part of a successful, growing and caring organization brings.” Mr. Aldrich emphasized that by joining forces with Wintrust, “the transaction allows us to continue focusing on serving our customers, while at the same time providing our customers with access to a wider range of products, services and resources.”
Terms of the Transaction
The aggregate purchase price (which takes into account the appreciated value of a five-story building located in the Gold Coast/Streeterville neighborhood of Chicago) was approximately $33.4 million. Shares of CSC common stock outstanding at the time of the merger were converted into the right to receive per share merger consideration paid in cash. The transaction is not expected to have a material effect on Wintrust’s 2018 earnings per share.
Piper Jaffray acted as exclusive financial advisor to CSC in the transaction and provided a fairness opinion to its Board of Directors. Sullivan and Cromwell LLP acted as CSC’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.
Wintrust is a financial holding company with assets of approximately $29 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries with over 160 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, the Company operates various non-bank business units, including one of the largest commercial insurance premium finance companies operating in the United States and Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services.
This press release contains forward-looking statements within the meaning of the federal securities laws relating to the acquisition of Chicago Shore Corporation and its integration with Wintrust, the combination of their businesses and projected revenue, as well as profitability and earnings outlook. Investors are cautioned that such statements are predictions and actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year and any subsequent Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.
FOR MORE INFORMATION CONTACT: Edward J. Wehmer, President/CEO – Wintrust Financial Corporation, (847) 939-9000 David A. Dykstra, COO – Wintrust Financial Corporation, (847) 939-9000 James Aldrich, Chairman and CEO – Chicago Shore Corporation, (312) 280-0360 Wintrust Website address: www.wintrust.com