Wintrust Completes the Acquisition of Certain Assets and Assumption of Certain Liabilities of American Enterprise Bank

Rosemont, Illinois, UNITED STATES

ROSEMONT, Ill., Dec. 07, 2018 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced that its subsidiary, Northbrook Bank & Trust Company, has completed its previously announced acquisition of certain assets and the assumption of certain liabilities of American Enterprise Bank (“AEB”) which had banking offices located in Buffalo Grove, Highland Park and Schaumburg, Illinois. 

As of November 30, 2018, AEB had approximately $128 million in loans and approximately $152 million in deposits, substantially all of which were acquired by Wintrust. 

Edward J. Wehmer, President and CEO of Wintrust, said, “This expands and complements our market presence in the north and northwest suburbs of Chicago.  We look forward to continuing the community banking approach that American Enterprise Bank conducted and to providing its customers with an expanded array of products, services and resources.  We welcome the AEB customers to Wintrust.”

“We are very pleased to conclude this transaction,” said Bradley D. Gordon, Chief Executive Officer of American Enterprise Bank.  “We see many advantages for our customers, given Wintrust’s community banking philosophy, its range of products and services offered and its reputation within the communities that we serve.”

Terms of the Transaction

Wintrust paid a premium of 4.2% on the deposit balances assumed.  The consideration paid or received for the remainder of the assets acquired and liabilities assumed, respectively, was transacted at fair market value.  The significant assets acquired included substantially all of AEB’s loans, investment securities, certain cash balances held at the Federal Reserve Bank and specified OREO properties.  The significant liabilities assumed included all customer deposits and Federal Home Loan Bank advances.  Excluded assets and liabilities included, among other items, the real property owned by AEB (other than specified OREO properties).  The transaction is not expected to have a material effect on Wintrust’s 2018 or 2019 earnings per share.


Barack Ferrazzano Kirschbaum & Nagelberg, LLP acted as AEB’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.

About Wintrust

Wintrust is a financial holding company with assets of approximately $30 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 160 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, the Company operates various non-bank business units, 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, 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.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the federal securities laws relating to the acquisition of certain assets and assumption of certain liabilities of American Enterprise Bank by a subsidiary of 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 disclosures 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.


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