Wintrust Financial in Rosemont, Ill., has agreed to buy First Community Financial in Elgin, Ill.
The $24 billion-asset Wintrust said in a press release Wednesday that it will pay $30.3 million in cash for the $178 million-asset First Community. The deal is expected to close in the third or fourth quarter.
First Community has two branches, $79 million in loans and $155 million in deposits.
"This transaction provides a wonderful opportunity to expand and complement our market presence in Elgin," Edward Wehmer, Wintrust's president and chief executive, said in the release. "We look forward to continuing with the community banking approach that First Community Bank has established and to providing its customer base with an expanded array of products and services."
Hovde Group and Barack Ferrazzano Kirschbaum & Nagelberg advised First Community. Schiff Hardin advised Wintrust.