ROSEMONT, Ill., Oct. 07, 2019 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (WTFC) today announced the completion of its previously announced acquisition of STC Bancshares Corp. (“STC”). STC is the parent company of STC Capital Bank, an Illinois state-chartered bank, which operates five banking offices located in the communities of St. Charles, Geneva and South Elgin, Illinois. As of June 30, 2019, STC Capital Bank had approximately $275 million in assets, approximately $190 million in loans and approximately $244 million in deposits.
Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction expands and complements our market presence in the western suburbs of the Chicago metropolitan area. STC Capital Bank has a wonderful reputation for providing outstanding customer service using a community banking approach. We look forward to continuing that tradition and to providing its customers with an expanded array of products, services and resources.”
“We are very pleased to complete the transaction and join forces with Wintrust,” said Anthony V. Sisto, STC’s Chairman. “We see tremendous benefits to this new partnership with a financial organization that is similarly-minded in their philosophy of offering highly personalized customer-oriented banking services with financial capabilities to support further expansion.” Christopher D. Woelffer, STC’s President emphasized that “By joining forces with Wintrust, STC Capital Bank’s customers will not only retain very high levels of customer service but will also gain access to a wider range of products and services.”
Terms of the Transaction
The aggregate purchase price (including the value of in-the-money outstanding unexercised stock options) to STC shareholders is approximately $46.7 million. Shares of STC common stock outstanding at the time of the merger were converted into the right to receive merger consideration paid in a combination of approximately 50% cash and 50% shares of Wintrust common stock.
D.A. Davidson & Co. acted as exclusive financial advisor to STC in the transaction and provided a fairness opinion to its Board of Directors. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as STC’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.
Wintrust is a financial holding company with assets of approximately $34 billion whose common stock is traded on the Nasdaq Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.
This press release contains forward-looking statements within the meaning of the federal securities laws relating to the acquisition of STC and its integration with Wintrust, the combination of their businesses and projected revenue, as well as profitability and earnings outlook. Investors are cautioned that such statements are predictions and actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year and any subsequent Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.
FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, President/CEO – Wintrust Financial Corporation, (847) 939-9000
David A. Dykstra, COO – Wintrust Financial Corporation, (847) 939-9000
Anthony V. Sisto, Chairman – STC Bancshares Corp., (630) 377-1555
Christopher D. Woelffer, President – STC Bancshares Corp., (630) 377-1555
Wintrust Website address: www.wintrust.com