Following the transaction, North Bank’s two downtown Chicago locations will operate as branches of Wintrust Bank.
Since 1970, North Bank has been providing outstanding personal service, great products and convenience to the River North and Streeterville neighborhoods of Chicago.
Its two banking facilities are located at 431 North Clark Street and at 360 East Ohio Street. As of March 31, 2015, North Bank had approximately $106 million in assets, approximately $55 million in loans and approximately $94 million in deposits.
Edward J. Wehmer, President and CEO of Wintrust, said, "This transaction allows us to expand and complement our growing market presence in downtown Chicago. We look forward to continuing with the community banking approach that North Bank has established and to providing its customer base with an expanded array of products and services."
Mayo C. Walcott, President of North Bank, stated, "We are excited about combining resources with a successful organization that is compatible with ours. We share a philosophy of offering highly personalized customer-oriented retail and commercial banking services."
Mr. Walcott emphasized that by joining forces with Wintrust, "We can continue to prioritize customer service, while at the same time offering our customers access to a wider range of products and services. Accordingly, we see many benefits for our customers, and we are pleased to join the Wintrust family."
The aggregate purchase price was approximately $17 million. In the merger, outstanding shares of North Bank common stock were converted into the right to receive cash merger consideration.
The transaction is not expected to have a material effect on Wintrust’s 2015 earnings per share.
