Wintrust expansion in Chicago suburbs continues with SBC purchase
Wintrust Financial in Rosemont, Ill., has agreed to buy SBC Inc. in Countryside, Ill.
The $33 billion-asset Wintrust said in a press release Thursday that it will pay $90.5 million in cash and stock for the parent of the $594 million-asset Countryside Bank. The deal is expected to close in the fourth quarter.
Countryside has six branches, including one in Chicago. The bank has $411 million in loans and $509 million in deposits.
“This transaction is a great opportunity to expand and complement our market presence in the western suburbs of the Chicago metropolitan area,” Ed Wehmer, Wintrust’s president and CEO, said in the release. Countryside “has a great reputation for providing outstanding customer service using a community banking approach.”
Sandler O’Neill and Barack Ferrazzano Kirschbaum & Nagelberg advised SBC. Schiff Hardin advised Wintrust.