Wintrust Financial in Rosemont, Ill., has agreed to buy the parent of Delaware Place Bank in Chicago.
The $28 billion-asset Wintrust said in a press release Wednesday that it will pay $34 million for Chicago Shore, which operates the $245 million-asset Delaware Place. The deal is expected to close in the third quarter.
Delaware Place has one branch, $165 million in loans and $215 million in deposits.
The acquisition would provide "a wonderful opportunity to expand and complement our market presence in the heart of” Chicago, Wintrust President and CEO Ed Wehmer said in the release.
“We look forward to continuing the community banking approach that Delaware Place … has established and to providing its customers with an expanded array of products, services and resources," Wehmer added.
Wintrust said it does not expect the acquisition to have a material effect on its 2018 earnings per share.
Piper Jaffray and Sullivan & Cromwell advised Chicago Shore. Schiff Hardin advised Wintrust.