Wintrust to acquire Oak Bank

ROSEMONT - Wintrust Financial Corp. said it will acquire Rush-Oak Corp., the parent company of Oak Bank for approximately $46 million.

Oak Bank, an Illinois state-chartered bank, was established in 1970 and operates in the Gold Coast neighborhood of Chicago, Illinois. As of December 31, 2018, Oak Bank had approximately $196 million in assets, approximately $143 million in loans and approximately $158 million in deposits.

Oak Bank President Roy E. Curran said the two banks are similaar in philsophy "of offering highly personalized customer-oriented banking services.

"The transaction allows us to continue focusing on serving our customers as we have for nearly 50 years, while at the same time providing our customers with access to a wider range of products and services," Curran added.

Edward J. Wehmer, president and CEO of Wintrust, added the acquisition allows Wintrust to expand its presence in the heart of the city of Chicago.

"Oak Bank has a wonderful reputation for providing outstanding customer service using a community banking approach," Wehmer said. "We look forward to continuing that tradition and to providing its customers with an expanded array of products, services and resources."

The transaction is expected to close in the second quarter of this year.