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updated: 10/8/2019 9:23 AM

Wintrust completes acquisition of STC Capital Bank

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  • Wintrust Financial Corp. said it has completed its acquisition of STC Bancshares Corp. in a deal worth approximately $46.7 million.

    Wintrust Financial Corp. said it has completed its acquisition of STC Bancshares Corp. in a deal worth approximately $46.7 million.
    Daily Herald file photo

 

ROSEMONT -- Wintrust Financial Corp. said it has completed its acquisition of STC Bancshares Corp. in a deal worth approximately $46.7 million.

STC is the parent company of STC Capital Bank, an Illinois state-chartered bank, which operates five banking offices located in St. Charles, Geneva and South Elgin. As of June 30, STC Capital Bank had approximately $275 million in assets, approximately $190 million in loans and approximately $244 million in deposits.

"This transaction expands and complements our market presence in the western suburbs of the Chicago metropolitan area," said Wintrust President and CEO Edward J. Wehmer. "STC Capital Bank has a wonderful reputation for providing outstanding customer service using a community banking approach."

STC President Christopher D. Woelffer added that through the acquisition, "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."

D.A. Davidson & Co. acted as exclusive financial adviser 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.