Illinois-based Wintrust Financial has agreed to purchase local peer SBC, the parent of Countryside Bank, in a deal valued at around $90.5m.
Countryside Bank has six branches in Illinois, which are located in Countryside, Burbank, Darien, Homer Glen, Oak Brook, and Chicago.
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By GlobalDataThe bank managed around $594m in assets at the end of March 2019.
Wintrust noted that the acquisition will not have a material effect on its 2019 earnings per share.
SBC president and CEO John Wheeler said: “We are excited about the opportunity to combine resources with Wintrust and look forward to partnering with a community-focused organisation that is like-minded in its philosophy of offering highly personalised banking services and with the financial capabilities to support further expansion.”
The deal is slated to complete in the fourth quarter of this year, subject to regulatory nod.
Wintrust president and CEO Edward Wehmer said: “This transaction is a great opportunity to expand and complement our market presence in the western suburbs of the Chicago metropolitan area.
“Countryside Bank has a great reputation for providing outstanding customer service using a community banking approach.”
The latest deal continues Wintrust’s recent consolidation activities.
Last month, Wintrust Financial agreed to buy STC Bancshares, the parent of STC Capital Bank, for $47.7m.
Earlier this year, Wintrust announced the acquisition of Rush-Oak, the parent of Oak Bank, for $46m.
