Wintrust announced plans to buy SBC, the parent company of Countryside Bank.
Rosemont-based Wintrust, which has branches in Dyer, Lansing and across the south suburbs, is buying Countryside in a cash and stock deal valued at $90.5 million.
“This transaction is a great opportunity to expand and complement our market presence in the western suburbs of the Chicago metropolitan area. Countryside Bank has a great reputation for providing outstanding customer service using a community banking approach," Wintrust President and CEO Edward J. Wehmer said. "We look forward to continuing that tradition and to providing its customers with an expanded array of products, services and resources.”
Countryside has $594 million in assets, $411 million in loans and $509 million in deposits. The Illinois state-chartered bank has six branches in Burbank, Darien, Homer Glen, Oak Brook and Chicago.
“Countryside Bank’s motto is ‘It’s Grow Time’ and this partnership will continue that promise. We are excited about the opportunity to combine resources with Wintrust and look forward to partnering with a community-focused organization that is like-minded in its philosophy of offering highly personalized banking services and with the financial capabilities to support further expansion," Countryside Bank President and CEO John D. Wheeler said. “The transaction allows us to continue focusing on serving our customers, while becoming part of a larger successful Chicagoland banking organization. We clearly see benefits for our customers and we look forward to joining the Wintrust family.”
If approved by regulators, the deal is expected to close in the fourth quarter of this year.