ROSEMONT, Ill., Oct. 18, 2013 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today announced the completion of its previously announced acquisition of Diamond Bancorp, Inc. ("Diamond"). Diamond is the parent company of Diamond Bank, FSB ("Diamond Bank"). With a history dating back to 1886, Diamond Bank operates four banking locations in Chicago, Schaumburg, Elmhurst and Northbrook, Illinois. Following the transaction, Diamond Bank will be merged into Wintrust's wholly-owned subsidiary, North Shore Community Bank & Trust Company. Diamond Bank's banking locations will operate as branches of North Shore Community Bank & Trust Company.
Diamond Bank has an established tradition of serving its communities dating back more than 100 years. As of September 30, 2013, it had approximately $165 million in assets and approximately $135 million in deposits. Diamond Bank's approach to customer service is similar to the philosophy embraced by each of the fifteen Wintrust Community Banks and their more than 115 banking locations.
Edward J. Wehmer, President and CEO of Wintrust, said, "This transaction allows us to expand our presence on the north side of the city of Chicago and to supplement our suburban franchise. This acquisition further assists us in achieving our goal of becoming Chicago's Bank. Diamond Bank is a long established enterprise which focuses on providing great customer service and we look forward to continuing to build upon its history and providing its local communities with an expanded array of products and services."
Matthew Gambs, President of Diamond Bank, added, "We are excited about combining resources with Wintrust. Our customers and employees will benefit from partnering with a successful organization that has the financial capabilities to support the growth of our franchise." Mr. Gambs emphasized that by joining forces with Wintrust, "the transaction allows us to continue focusing on serving our customers, while at the same time providing our customers with access to a wider range of products and services. We are pleased to join the Wintrust family."
Terms of the Transaction
The aggregate purchase price was approximately $2.9 million. In the merger, outstanding shares of Diamond common stock were converted into the right to receive cash merger consideration.
The transaction is not expected to have a material effect on Wintrust's 2013 earnings per share.
About Wintrust
Wintrust is a financial holding company with assets of approximately $18 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 115 banking locations located in the greater Chicago and Milwaukee market areas. Additionally, the Company operates various non-bank subsidiaries including one of the largest commercial insurance premium finance companies operating in the United States and Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, companies 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.
Forward-Looking Information
This press release contains forward-looking statements within the meaning of the federal securities laws relating to the acquisition of Diamond Bancorp, Inc. and integration of Diamond Bancorp, Inc. 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 in Wintrust's 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.