Wintrust Financial Corporation Announces the Closing of the Acquisition of STC Capital Bank

Wintrust Financial Corporation (“Wintrust”) (WTFC) today announced the completion of its previously announced acquisition of STC Bancshares Corp. (“STC”).  STC is the parent company of STC Capital Bank, an Illinois state-chartered bank, which operates five banking offices located in the communities of St. Charles, Geneva and South Elgin, Illinois.  As of June 30, 2019, STC Capital Bank had approximately $275 million in assets, approximately $190 million in loans and approximately $244 million in deposits.

Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction expands and complements our market presence in the western suburbs of the Chicago metropolitan area.  STC Capital Bank has a wonderful reputation for providing outstanding customer service using a community banking approach.  We look forward to continuing that tradition and to providing its customers with an expanded array of products, services and resources.”

“We are very pleased to complete the transaction and join forces with Wintrust,” said Anthony V. Sisto, STC’s Chairman.  “We see tremendous benefits to this new partnership with a financial organization that is similarly-minded in their philosophy of offering highly personalized customer-oriented banking services with financial capabilities to support further expansion.”  Christopher D. Woelffer, STC’s President emphasized that “By joining forces with Wintrust, STC Capital Bank’s customers will not only retain very high levels of customer service but will also gain access to a wider range of products and services.”

Terms of the Transaction

The aggregate purchase price (including the value of in-the-money outstanding unexercised stock options) to STC shareholders is approximately $46.7 million.    Shares of STC common stock outstanding at the time of the merger were converted into the right to receive merger consideration paid in a combination of approximately 50% cash and 50% shares of Wintrust common stock.

Advisors

D.A. Davidson & Co. acted as exclusive financial advisor to STC in the transaction and provided a fairness opinion to its Board of Directors.  Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as STC’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.

About Wintrust

Wintrust is a financial holding company with assets of approximately $34 billion whose common stock is traded on the Nasdaq Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.