Rosemont-based Wintrust Financial Corp announced it will acquire Diamond Bancorp Inc., the parent company of Diamond Bank, FSB.
Terms of the acquisition were not announced.
With a history dating back to 1886, Diamond Bank operates four banking locations in Chicago, Schaumburg, Elmhurst and Northbrook.
As of June 30, 2013, it had approximately $165 million in assets and approximately $135 million in deposits. Diamond Bank's approach to customer service is similar to the philosophy embraced by each of the fifteen Wintrust Community Banks and their more than 115 banking locations.
"This transaction provides a great opportunity to expand our presence on the north side of the city of Chicago and to supplement our suburban franchise," said Edward J. Wehmer, Wintrust president and CEO. "This acquisition further assists us in achieving our goal of becoming Chicago's Bank."
Matthew Gambs, President of Diamond Bank, said that by joining forces with Wintrust, "the transaction allows us to continue focusing on serving our customers, while at the same time providing our customers with access to a wider range of products and services. We look forward to joining the Wintrust family.
"We are excited about the opportunity to combine resources with Wintrust. Our customers and employees will benefit from partnering with a successful organization that has the financial capabilities to support the growth of our franchise." Gambs said.Copyright © 2014 Paddock Publications, Inc. All rights reserved.