Wintrust Financial in Rosemont, Ill., has agreed to buy Community Financial Shares in Wheaton, Ill.
The $20 billion-asset Wintrust will pay $42 million in cash and stock for the $343 million-asset Community Financial. The deal is expected to close in the second quarter.
"This transaction provides a wonderful opportunity to expand and complement our existing market presence in the communities of Wheaton and Glen Ellyn" in Illinois, Edward Wehmer, Wintrust's president and chief executive, said in a press release Monday.
FIG Partners and Godfrey & Kahn advised Community Financial, and D.A. Davidson provided a fairness opinion. Schiff Hardin advised Wintrust.