Wintrust to buy American Enterprise Bank in Buffalo Grove
Wintrust Financial Corp. said today that its subsidiary, Northbrook Bank & Trust Co., plans to buy American Enterprise Bank with locations in Buffalo Grove, Schaumburg and Highland Park.
AEB has approximately $200 million in assets, including approximately $151 million in loans and approximately $157 million in deposits.
"This transaction provides a wonderful opportunity to expand and complement our market presence in the north and northwest suburbs of Chicago," said Wintrust CEO and President Edward J. Wehmer. "We look forward to continuing the community banking approach that American Enterprise Bank has established and to providing its customers with an expanded array of products, services and resources."
Wintrust is based in Rosemont.
"We are very pleased to announce this transaction," said Bradley D. Gordon, Chief Executive Officer of American Enterprise Bank. "We see many advantages for our customers, given Wintrust's community banking philosophy, its range of products and services offered and its reputation within the communities that we currently serve. We look forward to joining the Wintrust family."
The terms of the transaction are not being disclosed at this time. The assets to be acquired include substantially all of AEB's loans, investment securities and customer deposits at closing, as well as specified properties. Excluded assets and liabilities include real property owned by AEB. Subject to approval by banking regulators and AEB's stockholders and certain closing conditions, the transaction is expected to close late in the fourth quarter of 2018, and is not expected to have a material effect on Wintrust's 2018 earnings per share.