Yes.
Wintrust Financial Corporation (Nasdaq:WTFC) today announced the signing of a definitive agreement to acquire Delavan Bancshares, Inc. Delavan is the parent company of Community Bank CBD, a Wisconsin state chartered bank, which operates four banking locations in southeastern Wisconsin.
Since its formation in 1996, CBD has an exemplary history of serving its community. As of September 30, 2014 it had approximately $208 million in assets and approximately $167 million in deposits. CBD’s four banking facilities are located in Delavan, Lake Geneva, Clinton and Sharon, Wisconsin. CBD’s approach to customer service is similar to that at each of the fifteen Wintrust Community Banks and their more than 135 banking locations. Like the Wintrust banks, CBD emphasizes high quality products and prides itself on top notch, highly personalized customer service.
Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction provides a wonderful opportunity to expand and complement our growing market presence in southeastern Wisconsin. We look forward to continuing with the community banking approach that CBD has established and to providing the local communities with an expanded array of products and services.”
Michael J. Murphy, President and CEO of Community Bank CBD, stated, “We are excited about the opportunity to combine resources with Wintrust. This is a great opportunity to partner with a successful organization that is like-minded in its philosophy of offering highly personalized customer-oriented retail and commercial banking services with financial capabilities to support further expansion.” Mr. Murphy 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 clearly see benefits for our customers and shareholders and we look forward to joining the Wintrust family.”
Subject to possible adjustment, the aggregate purchase price will approximate $38 million. In the merger, shares of Delavan common stock outstanding will be converted into the right to receive merger consideration paid in a combination of approximately 50% cash and approximately 50% shares of Wintrust common stock.
The transaction is subject to approval by banking regulators, Delavan shareholders’ approval and certain closing conditions. The transaction is expected to close by early in the first quarter of 2015 and is not expected to have a material effect on Wintrust’s 2015 earnings per share.