As of 30 November 2018, AEB had approximately $128m in loans and approximately $152m in deposits, substantially all of which were acquired by Wintrust.
Wintrust president and CEO Edward Wehmer said: “This expands and complements our market presence in the north and northwest suburbs of Chicago.
“We look forward to continuing the community banking approach that American Enterprise Bank conducted and to providing its customers with an expanded array of products, services and resources. We welcome the AEB customers to Wintrust.”
American Enterprise Bank CEO Bradley Gordon said: “We are very pleased to conclude this transaction.
“We see many advantages for our customers, given Wintrust’s community banking philosophy, its range of products and services offered and its reputation within the communities that we serve.”
Terms of the Transaction
Wintrust paid a premium of 4.2% on the deposit balances assumed. The consideration paid or received for the remainder of the assets acquired and liabilities assumed, respectively, was transacted at fair market value.
The significant assets acquired included substantially all of AEB’s loans, investment securities, certain cash balances held at the Federal Reserve Bank and specified OREO properties.
The significant liabilities assumed included all customer deposits and Federal Home Loan Bank advances. Excluded assets and liabilities included, among other items, the real property owned by AEB (other than specified OREO properties).
The transaction is not expected to have a material effect on Wintrust’s 2018 or 2019 earnings per share.
Advisors
Barack Ferrazzano Kirschbaum & Nagelberg, LLP acted as AEB’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.
Source: Company Press Release
