Wintrust acquires Delavan Bancshares

Rosemont-basedWintrust Financial Corp, said it will acquire Delavan Bancshares, Inc., a Wisconsin state chartered bank, which operates four banks in southeastern Wisconsin, for approximately $38 million.

Founded in 1996, CBD has approximately $208 million in assets and approximately $167 million in deposits with banks in Delavan, Lake Geneva, Clinton and Sharon, Wisconsin.

CBD's approach to customer service is similar to that at each of the 15 Wintrust Community Banks and its more than 135 banking locations, according to Wintrust. Like the Wintrust banks, CBD emphasizes high quality products and prides itself on top notch, highly personalized customer service.

"This transaction provides a wonderful opportunity to expand and complement our growing market presence in southeastern Wisconsin," said Edward J. Wehmer, President and CEO of Wintrust. "We look forward to continuing with the community banking approach that CBD has established and to providing the local communities with an expanded array of products and services."

The acquisition will involve converting Delavan common stock into right to receive merger consideration paid in a combination of approximately 50 percent cash and approximately 50 percent shares of Wintrust common stock, according to Wintrust.

Community Bank CBD President and CEO Michael J. Murphy said joining forces with Wintrust "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.

"This is a great opportunity to partner with a successful organization that is like-minded in its philosophy of offering highly personalized customer-oriented retail and commercial banking services with financial capabilities to support further expansion," Murphy added.

The acquisition is expected to close early in the first quarter of 2015 and is not expected to have a material effect on Wintrust's 2015 earnings per share, the company said.

Robert W. Baird was exclusive financial adviser to Delavan in the transaction. Boardman & Clark LLP acted as Delavan's legal adviser and Schiff Hardin LLP served as outside counsel to Wintrust.