Wintrust Financial has signed a definitive agreement to acquire Rush-Oak (ROC), the parent company of an Illinois state-chartered lender Oak Bank, for $46m.

The deal is expected to strengthen Wintrust presence in Chicago, where Oak Bank operates a branch location.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Oak Bank acquisition: Details

As per the terms of the agreement, shares of ROC common stock outstanding at the time of the merger will be converted into the right to receive per share merger consideration to be paid in cash.

Additionally, the Oak Bank shares owned by individual minority shareholders will be transferred to ROC for an aggregate value of $9m.

Following the completion of the deal, Oak Bank will become a wholly-owned subsidiary of ROC.

As of 31 December 2018, Oak Bank had around $196m in assets, $143m in loans and $158m in deposits.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Wintrust president and CEO Edward Wehmer said: “This transaction is a great opportunity to expand our market presence in the heart of the City of Chicago.

“Oak Bank has a wonderful reputation for providing outstanding customer service using a community banking approach.  We look forward to continuing that tradition and to providing its customers with an expanded array of products, services and resources.”

The Oak Bank acquisition is expected to close in the second quarter of this year, subject to regulatory and ROC’s stockholder approval.

With assets of around $31bn, Wintrust operates fifteen community bank subsidiaries in the US. Overall, the company operates more than 160 banking locations across Chicago and southern Wisconsin region.