Wintrust to acquire Countryside Bank

Rosemont-based Wintrust Financial Corp. said it will acquire SBC, Inc., the parent company of Countryside Bank, in a cash and stock deal valued at about $90.5 million.

Countryside Bank operates six offices in Countryside, Burbank, Darien, Homer Glen, Oak Brook and Chicago. As of March 31, Countryside had approximately $594 million in assets, approximately $411 million in loans and approximately $509 million in deposits, according to a statement from Wintrust.

Wintrust President and CEO Edward J. Wehmer said the acquisition will allow the company to expand its network of community banks into the western suburbs.

"Countryside Bank has a great reputation for providing outstanding customer service using a community banking approach," Wehmer said. "We look forward to continuing that tradition."

SBC President & CEO John D. Wheeler said the partnership will continue to fulfill Countryside's motto, "It's Grow Time."

"The transaction allows us to continue focusing on serving our customers, while becoming part of a larger successful Chicagoland banking organization," Wheeler said. "We clearly see benefits for our customers and we look forward to joining the Wintrust family."

Wintrust operates 15 community bank subsidiaries with more than 160 locations in the metropolitan Chicago and southern Wisconsin regions. The company also operates various non-bank business units in the U.S. and Canada.

The deal is expected to close in the fourth quarter of 2019.