Wintrust closes deal on Countryside Bank

  • Rosemont-based Wintrust Financial Corp. said it has completed its acquisition of SBC, Inc., the parent company of Countryside Bank,

    Rosemont-based Wintrust Financial Corp. said it has completed its acquisition of SBC, Inc., the parent company of Countryside Bank, Daily Herald file photo

 
Updated 11/4/2019 1:01 PM

ROSEMONT -- Wintrust Financial Corp. said it has completed its acquisition of SBC, Inc., the parent company of Countryside Bank, for a total of approximately $95.2 million in a cash and stock deal.

Countryside Bank operates six banking offices in Countryside, Burbank, Darien, Homer Glen, Oak Brook and Chicago. The bank has approximately $578 million in assets, $434 million in loans and $501 million in deposits as of Oct. 31.

                                                                                                                                                                                                                       
 

"This transaction further develops our market presence in the western suburbs of the Chicago metropolitan area," said Wintrust President and CEO Edward J. Wehmer. "Countryside Bank has a long history of providing outstanding customer service using a community banking approach."

SBC President & CEO John D. Wheeler added the acquisition "allows us to continue focusing on serving our customers, while becoming part of a larger successful Chicagoland banking organization."

Sandler O'Neill + Partners, L.P. acted as exclusive financial advisor to SBC in the transaction. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as SBC's transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.

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