Wintrust Financial in Rosemont, Ill., has agreed to buy North Bank in Chicago.
The $20 billion-asset Wintrust will pay $17 million in cash for the $108 million-asset North Bank, which serves Chicago's River North and Streeterville neighborhoods. The deal is expected to close late in the second quarter or early in the third quarter.
"This transaction provides a wonderful opportunity to expand and complement our growing market presence in downtown Chicago," Edward Wehmer, Wintrust's president and chief executive, said in a press release Monday. "We look forward to continuing with the community banking approach that North Bank has established and to providing their customer base with an expanded array of products and services."
D.A. Davidson and Fox, Swibel, Levin & Carroll advised North Bank. Schiff Hardin served as outside counsel to Wintrust.