Wintrust Financial Corp. headquartered in Rosemont said it is acquiring Chicago Shore Corp., the parent company of Delaware Place Bank, an Illinois state-chartered bank, which operates a banking location in the Gold Coast/Streeterville neighborhood of Chicago.
Delaware Place Bank had approximately $245 million in assets, approximately $165 million in loans and approximately $215 million in deposits. Subject to possible adjustment, the aggregate purchase price, which takes into account the appreciated value of a five-story building located in the Gold Coast/Streeterville neighborhood of Chicago, will be approximately $34 million.
"This transaction provides a wonderful opportunity to expand and complement our market presence in the heart of the city of Chicago," said Wintrust CEO Edward J. Wehmer.
"We are very pleased with the opportunity to join the Wintrust banking family," said James W. Aldrich, chairman and CEO of Chicago Shore Corporation and Delaware Place Bank. "This transaction brings together two companies that share core community banking philosophies and cultures. Wintrust's Chicago-based leadership and its track record of serving families, individuals and businesses in Chicago's neighborhoods and surrounding communities made it an attractive partner. This partnership offers our customers and employees the long-term benefits that being part of a successful, growing and caring organization brings."