Wintrust plays small ball with Oak Bank acquisition

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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.

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