Wintrust, one of Chicagoland's largest banks with branches in Dyer, Lansing and the south suburbs, has acquired the Chicago Deferred Exchange Co., which helps taxpayers defer gains when they sell investments.
The Rosemont-based bank spent $51.9 million to acquire the provider of qualified intermediary services. CDEC has facilitated more than 8,000 like-kind exchanges since it opened in 1989.
"CDEC’s services will augment the comprehensive range of services that Wintrust provides to our customers in the commercial real estate market," Wintrust President and CEO Edward Wehmer said. "This transaction also provides Wintrust with a new fee-generating business and a significant new potential source of low-cost deposits. Together, we are well-positioned to employ our expanded resources and scale to further enhance CDEC’s growth, strategies and client service.”
Customers deposit money from a sale of a property with the Chicago Deferred Exchange until they use the proceeds to buy another property.
“This merger brings together two firms that share many common values and operate distinct but complementary lines of business," said Mary Cunningham, who will continue to serve as chief executive of CEDC. "We look forward to joining the Wintrust family.”
Wintrust, which says it does a robust retail business with customers from Northwest Indiana, has more than $30 billion in assets and wealth management companies that manage more than $26 billion in assets.
“We are excited to join forces with CDEC," Wintrust Wealth Management Companies chairman Tom Zidar said. "Their leadership team has an outstanding reputation and track record of providing exceptional customer service. We are thrilled to bring their expertise and capabilities to Wintrust and look forward to supporting the further growth of their business.”