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Waht are the details?
Wintrust Financial Corporation (Nasdaq:WTFC) today announced the signing of a definitive agreement to acquire Community Financial Shares, Inc. CFIS is the parent company of Community Bank-Wheaton/Glen Ellyn, an Illinois-state chartered bank, which operates four banking locations in Wheaton and Glen Ellyn, Illinois.
Since its formation in 1994, CBWGE has an exemplary history of serving its community. As of December 31, 2014 it had approximately $343 million in assets and approximately $310 million in deposits. CBWGE’s approach to customer service is similar to that at each of the fifteen Wintrust Community Banks and their more than 140 banking locations. Like the Wintrust banks, CBWGE emphasizes high quality products and prides itself on top notch, highly personalized customer service.
Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction provides a wonderful opportunity to expand and complement our existing market presence in the communities of Wheaton and Glen Ellyn, Illinois. We look forward to the combined synergies that our two firms can realize in the local communities while providing CBWGE’s customers with an expanded array of products and services. Upon completion of the transaction, Wintrust will have six branch locations in the Wheaton and Glen Ellyn markets and expects to combine three of the branch offices with existing branch offices during the second half of 2015.”
Donald H. Wilson, President and CEO of CBWGE, stated, “We are excited about the opportunity to combine resources with Wintrust and look forward to partnering with a successful organization that is like-minded in its philosophy of offering highly personalized banking services and with the financial capabilities to support further expansion.” Mr. Wilson emphasized that by joining forces with Wintrust, “the transaction allows us to continue focusing on serving our customers, while becoming part of a growing and dynamic force in Chicagoland banking. We clearly see benefits for our customers and shareholders and we look forward to joining the Wintrust family.”
Daniel A. Strauss, Portfolio Manager of Clinton Group Inc., CFIS’s largest shareholder, and a Director of CFIS, added “we believe this transaction is an excellent outcome for CFIS and its shareholders and serves as a testament to both the value we saw in CFIS at the time of our investment and the skill of Don Wilson and his management team in getting us to this point. Joining the Wintrust family represents an exciting new chapter for CFIS and its customers.”
