Wintrust Financial in Rosemont, Ill., has agreed to buy Generations Bancorp in Pewaukee, Wis.
The $22 billion-asset Winstrust said in a press release Thursday that it will pay $30 million in cash for the parent of the $125 million-asset Foundations Bank. The deal is expected to close in the first or second quarter.
Foundations Bank has one branch, $72 million in loans and $97 million in deposits.
"This transaction provides a wonderful opportunity to expand and complement our market presence in Pewaukee," Edward Wehmer, Wintrust's president and chief executive, said in the release. "We look forward to continuing with the community banking approach that Foundations Bank has established and to providing its customer base with an expanded array of products and services."
The transaction is is not expected to have a material effect on Wintrust's 2016 earnings.
Hovde Group and Godfrey & Kahn advised Generations. Schiff Hardin served as outside counsel to Wintrust.
