Suburban Illinois Bancorp, Inc. to Merge with Wintrust Financial Corporation
The Barack Ferrazzano Financial Institutions Group acted as legal counsel for Suburban Illinois Bancorp, Inc., headquartered in Elmhurst, Illinois, in the merger agreement with Wintrust Financial Corporation (Nasdaq:WTFC). Under the terms of the definitive agreement, Wintrust acquired 100% of Suburban's outstanding common stock for approximately $12.5 million in cash. The transaction will provide Suburban's customers access to a broader range of financial products and services, while also giving Wintrust the opportunity to expand into the Elmhurst market. Subject to approval by banking regulators and Suburban's shareholders, the transaction is expected to close late in the second quarter or early third quarter of 2015. Barack Ferrazzano's legal team was led by John E. Freechack and Zack S. Christensen, along with Andrew K. Strimaitis and Abdul R. Mitha.
Suburban Illinois Bancorp, Inc., the parent company of Suburban Bank & Trust Company, an Illinois-state chartered bank, operates ten banking locations in Chicago and its surrounding suburbs. As of December 31, 2014, Suburban had approximately $470 million in assets, approximately $297 million in loans and approximately $411 million in deposits. Founded in 1976, Suburban has a rich history of providing products and services that enhance customers' banking experiences and a reputation as the bank for local businesses.
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