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Wintrust Financial (WTFC) in Rosemont, Ill., reported higher quarterly earnings as income from loan growth offset lower fee revenue.
July 14
Wintrust Financial in Rosemont, Ill., has agreed to buy Delavan Bancshares in Wisconsin.
The $18.9 billion-asset Wintrust will pay $38 million for Delavan. The consideration will be split evenly between cash and stock.
Delavan has $208 million in assets, $167 million in deposits and four branches in southeastern Wisconsin.
"This transaction provides a wonderful opportunity to expand and complement our growing market presence in southeastern Wisconsin," Edward Wehmer, Wintrust's president and chief executive, said in a press release Tuesday. "We look forward to continuing with the community banking approach that [Delavan] has established and to providing the local communities with an expanded array of products and services."
Wintrust expects to close the acquisition early next year. The transaction is not expected to have a material effect on Wintrust's 2015 earnings per share.
Robert W. Baird and Boardman & Clark advised Delavan. Schiff Hardin advised Wintrust.
Wintrust has been an
