Wintrust Financial (WTFC) in Rosemont, Ill., has agreed to buy 11 branches in Wisconsin from Talmer Bancorp (TLMR) in Troy, Mich.
The branches will become part of Town Bank, Wintrust's $916 million-asset bank in Hartland, Wis. Town will also assume Talmer's $360 million in deposits, but no loans are part of the transaction. The companies didn't disclose a price, but said the deal should close in the third quarter.
"This transaction presents a great opportunity to expand our presence in southern Wisconsin," Edward Wehmer, chief executive of the $18 billion-asset Wintrust, said in a press release. "These locations fill a gap between our Illinois branches and our Town Bank's Milwaukee-area branches."
Talmer obtained the branches in November 2010 through the acquisition of the failed $750 million-asset First Banking Center in Burlington, Wis. At the time of that deal, the franchise had 17 branches.
Talmer, which was initially backed by $400 million of private equity and went public in February, says the exit from Wisconsin is part of streamlining.
"We have recently undertaken a strategic assessment of all our markets including an evaluation of the best opportunities to invest our capital resources and continue to execute our growth plans," David Provost, chief executive of the $4.5 billion-asset Talmer, said in a release. "This divestiture is in line with our long-term plans and allows us to focus on our core banking franchise."
The transaction is Wintrust's second branch deal in Wisconsin this week. On Monday, it said that Town Bank would buy a branch in Pewaukee, Wis., from a unit of Triumph Bancorp in Dallas. That deal includes $40 million in deposits and $90 million in loans.
