Wintrust Financial in Rosemont, Ill., has agreed to buy Rush-Oak in Chicago.
The $31 billion-asset Winstrust said in a press release Wednesday that it will pay $46 million in cash for the parent of the $196 million-asset Oak Bank. The deal is expected to close in the second quarter.
Oak Bank, based in Chicago’s Gold Coast neighborhood, has $143 million in loans and $158 million in deposits.
Oak Bank will pay $9 million to buy stock held by minority shareholders before its sale to Wintrust.
“This transaction is a great opportunity to expand our market presence in the heart of” Chicago,” Ed Wehmer, Wintrust’s president and CEO, said in the release.
“Oak Bank has a wonderful reputation for providing outstanding customer service using a community banking approach,” Wehmer added.
Stephens and Hinshaw & Culbertson advised Rush-Oak. Schiff Hardin advised Wintrust.
