Rosemont-based Wintrust Bank closed a deal to buy Delaware Place Bank in Chicago's Streeterville neighborhood for $33.4 million.
Wintrust, one of Chicagoland's largest banks with branches in Dyer, Lansing and the south suburbs, is rebranding Delaware Place under its banner. The Illinois state-chartered bank just south of Chicago's Gold Coast neighborhood had $245 million in assets, including $215 million in deposits and $165 million in loans.
“We are very pleased to become a member of the Wintrust banking family,” said James Aldrich, chairman and CEO, Chicago Shore Corporation and Delaware Place Bank. “This transaction brings together two companies that share core community banking philosophies and cultures. Wintrust’s Chicago-based leadership and its record of accomplishments 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.”
Wintrust, which has assets of $29 billion and more than 160 branches across the Chicago metropolitan area, is so large that it does not expect the deal will have a material effect on its earnings per share this year. But it furthers Wintrust's efforts to become "Chicago's bank."
“This transaction provides a wonderful opportunity to expand and complement our market presence in the heart of the City of Chicago," Wintrust President and CEO 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.”