Wintrust completes acquisition of First Community Bank

ROSEMONT - Wintrust Financial Corp said it has completed the acquisition of First Community Financial Corp. for approximately $33.5 million.

FCFC is the parent company of First Community Bank, an Illinois state-chartered bank, which operates two banking locations in Elgin. As of Sept. 30, First Community Bank had approximately $172 million in assets, approximately $81 million in loans and approximately $147 million in deposits. "This transaction allows us to expand and complement our market presence in Elgin, Illinois," said Wintrust President and CEO Edward J. Wehmer. "We look forward to continuing with the community banking approach that First Community Bank has established and to providing its customer base with an expanded array of products and services."

Thomas M. Johannesen, CEO of First Community Bank, said 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. "

The transaction is not expected to have a material effect on Wintrust's 2016 earnings per share.

Hovde Group, LLC acted as exclusive financial advisor to FCFC in the transaction and provided a fairness opinion to its board of directors. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as FCFC's legal advisor and Schiff Hardin LLP served as outside counsel to Wintrust.