Rosemont-based Wintrust plans to buy Delaware Place Bank in Chicago's Streeterville neighborhood for $34 million.
The Illinois state-chartered bank just south of Chicago's gleaming Gold Coast neighborhood has $245 million in assets, including $215 million in deposits and $165 million in loans.
“We are very pleased with the opportunity to join the Wintrust banking family,” Delaware Place Bank Chairman and Chief Executive Officer James Aldrich said. “This transaction brings together two companies that share core community banking philosophies and cultures. Wintrust’s Chicago-based leadership and its track record of serving families, individuals and businesses in Chicago’s neighborhoods and surrounding communities made it an attractive partner. This partnership offers our customers and employees the long-term benefits that being part of a successful, growing and caring organization brings. The transaction allows us to continue focusing on serving our customers, while at the same time providing our customers with access to a wider range of products, services and resources. We see many advantages for our customers and stockholders and we look forward to joining the Wintrust family.”
Wintrust has assets of more than $28 billion and branches in Dyer, Lansing and across the south suburbs. The sponsor of both the White Sox and Cubs has ambitions to become "Chicago's bank" and has expressed an interest in growing in Northwest Indiana.
“This transaction provides a wonderful opportunity to expand and complement our market presence in the heart of the City of Chicago," President and Chief Executive Officer Edward Wehmer said. "We look forward to continuing the community banking approach that Delaware Place Bank has established and to providing its customers with an expanded array of products, services and resources.”
The proposed merger must be approved by regulators.