Illinois-based Wintrust Financial has agreed to buy local peer STC Bancshares, the parent of STC Capital Bank, in a deal worth around $47.7m.

STC Capital Bank has five offices in Illinois’ St. Charles, Geneva and South Elgin communities.

Wintrust oversees $32bn in assets.

The latest acquisition will add nearly $277m in assets to the firm’s books.

STC president Christopher Woelffer said: “By joining forces with Wintrust, STC Capital Bank’s customers will not only retain very high levels of customer service but will also gain access to a wider range of products and services.  We clearly see benefits for our customers, shareholders and employees and we look forward to joining the Wintrust family.”

Wintrust believes that the acquisition will not have a material effect on its earnings per share this year.

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The deal is slated to be completed in the third quarter of this year. It is pending shareholder and regulatory nod.

Wintrust president and CEO Edward Wehmer said: “This transaction is a great opportunity to expand and complement our market presence in the western suburbs of the Chicago metropolitan area.”

Earlier this year, Wintrust announced the acquisition of Illinois-based state-chartered lender Oak Bank in a $46m deal.

The Oak Bank deal closed last month.