Wintrust Financial in Rosemont, Ill., has announced its second acquisition in four days.
The $20 billion-asset company said in a press release Thursday that it will buy Suburban Illinois Bancorp in Elmhurst, Ill. Wintrust will pay $12.5 million in cash for the parent of the $470 million-asset Suburban Bank & Trust. The transaction is expected to close late in the second quarter or early in the third quarter.
Suburban Bank has 10 branches, $297 million in loans and $411 million in deposits. Wintrust said it could close six overlapping branches in the second half of this year tied to the Suburban Bank deal.
"This transaction provides a wonderful opportunity to expand into the desirable Elmhurst market in a meaningful way and complement our growing presence in other suburban markets," Edward Wehmer, Wintrust's president and chief executive, said in the release. "Upon completion of the transaction, several of Wintrust's community banks will have branches that share market areas with existing Suburban branches. We are in the process of evaluating those overlaps."
Hovde Group and Barack Ferrazzano Kirschbaum & Nagelberg advised Suburban. Schiff Hardin advised Wintrust.
Wintrust agreed on Monday to buy the $108 million-asset North Bank in Chicago for $17 million.