Wintrust Financial Corporation Announces the Closing of the Acquisition of STC Capital Bank
Update: The deal announced in June 2019 has been completed. Click on the article below to read more about this transaction.
- Yahoo Finance - Business Wire (October 7, 2019)
June 5, 2019 - Globe Newswire Press Release
Wintrust Financial Corporation to Acquire STC Bancshares Corp.
The Barack Ferrazzano Financial Institutions Group acted as legal counsel to STC Bancshares Corp. (“STC”) in connection with its pending acquisition by Wintrust Financial Corporation ("Wintrust") (Nasdaq: WTFC). STC Capital Bank, a subsidiary of STC, operates five locations in St. Charles, Geneva, and South Elgin, Illinois, with approximately $277 million in assets, $204 million in loans, and $246 million in deposits as of March 31, 2019. The acquisition will expand Wintrust’s presence in Chicago's western suburbs.
Under the terms of the transaction, which are subject to possible adjustment, the aggregate purchase price (including the value of in-the-money outstanding unexercised stock options) to STC shareholders is currently estimated to be approximately $47.7 million. In the merger, each share of STC common stock outstanding will be converted into the right to receive merger consideration paid in a combination of approximately 50% cash and 50% shares of Wintrust common stock, based on Wintrust’s average trading price at closing determined in accordance with the merger agreement.
STC President Christopher D. Woelffer said he was looking forward to joining the Wintrust family and the benefits it will bring for customers, shareholders, and employees, stating, “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.”
Subject to customary closing conditions and approvals, the transaction is expected to close in the third quarter of 2019, and it is not expected to have a material effect on Wintrust’s 2019 earnings per share.
Barack Ferrazzano’s team was led by Dennis R. Wendte and Emily N. Henkel. Executive compensation and benefits were handled by Andrew K. Strimaitis.
To read more about the transaction, visit: https://www.globenewswire.com/news-release/2019/06/05/1865026/0/en/Wintrust-Financial-Corporation-Announces-Plans-to-Acquire-STC-Capital-Bank.html
About STC Bancshares Corp.
STC Bancshares Corp. is the parent company of St. Charles based STC Capital Bank, an Illinois state-chartered bank, which operates five banking locations in St. Charles, Geneva, and South Elgin, Illinois. Founded in 2006, STC Capital Bank offers personal and commercial banking services to clients following its namesake founding principles of service, trust, and commitment.
To learn more, visit: https://www.stccapitalbank.com/about-us/about-us.html