Wintrust Financial (WTFC) in Rosemont, Ill., announced another small acquisition to expand its operations in Illinois.
The $17 billion-asset company said late Tuesday that it would buy First Lansing Bancorp, which has seven branches, $370 million in assets and $325 million in deposits.
Wintrust will pay about $38.5 million First Lansing, with roughly 40% of the consideration to be paid in cash and the rest with common stock. Wintrust expects to complete the acquisition early in the second quarter.
"This transaction provides a terrific opportunity to expand our presence in the southern part of our market area and helps us continue on our path to become Chicago's Bank," Edward Wehmer, Wintrust's president and chief executive, said in a press release. First Lansing “has established a great community bank franchise and we look forward to continuing to build that franchise and providing its local communities with an expanded array of products and services."
