Wintrust expands in western Chicago suburbs with STC acquisition
Wintrust Financial in Rosemont, Ill., has agreed to buy STC Bancshares in St. Charles, Ill.
The $32 billion-asset Wintrust said in a press release Wednesday that it will pay $47.7 million in cash and stock for the $278 million-asset parent of STC Capital Bank. The deal is expected to close in the third quarter.
STC Capital has five branches, $204 million in loans and $246 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.
STC Capital “has a wonderful reputation for providing outstanding customer service using a community banking approach,” Wehmer added.
Wintrust said it does not expect the deal to have a material effect on its 2019 earnings per share.
D.A. Davidson and Barack Ferrazzano Kirschbaum & Nagelberg advised STC. Schiff Hardin advised Wintrust.