Wintrust reached an agreement to buy Buffalo Grove-based American Enterprise Bank, which also has branches in Illinois' Highland Park and Schaumburg, for an undisclosed sum.
The Rosemont-based bank, which has branches in Dyer, Lansing and across the south suburbs, will rebrand American Enterprise Bank branches as its own, pending the approval of shareholders and regulators.
“This transaction provides a wonderful opportunity to expand and complement our market presence in the north and northwest suburbs of Chicago,” Wintrust President and CEO Edward Wehmer said. “We look forward to continuing the community banking approach that American Enterprise Bank has established and to providing its customers with an expanded array of products, services and resources.”
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American Enterprise Bank has about $200 million in assets, including $151 million in loans.
“We are very pleased to announce this transaction,” said Bradley Gordon, CEO of American Enterprise Bank. “We see many advantages for our customers, given Wintrust’s community banking philosophy, its range of products and services offered and its reputation within the communities that we currently serve. We look forward to joining the Wintrust family.”