Wintrust Financial Corp. said Thursday it plans to acquire STC Bancshares Corp., the parent company of STC Capital Bank, in an all-stock deal valued at approximately $47.7 million.
STC Capital Bank is a state-chartered bank that operates five offices in St. Charles, Geneva and South Elgin. As of March 31, STC Capital Bank had approximately $277 million in assets, approximately $204 million in loans and approximately $246 million in deposits.
"This transaction is a great opportunity to expand and complement our market presence in the western suburbs of the Chicago metropolitan area," said Edward J. Wehmer, president and CEO of Rosemont-based Wintrust. "STC Capital Bank has a wonderful reputation for providing outstanding customer service using a community banking approach."
STC Chairman Anthony V. Sisto said the merger with Wintrust brings two like-minded banks together.
"It makes sense in the evolution of our company to partner with a financial organization that is similarly-minded in their philosophy of offering highly personalized customer-oriented banking services with financial capabilities to support further expansion," he said.
Wintrust operates 15 community bank subsidiaries with more than 160 locations in the metropolitan Chicago and southern Wisconsin regions. The company also operates various non-bank business units in the U.S. and Canada.