ROSEMONT, Ill., April 23, 2021 (GLOBE NEWSWIRE) – Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) and Greenwoods Financial Group, Inc., the parent company of The Greenwood’s State Bank (“Greenwoods”), today announced closing of a previously announced purchase and acquisition transaction for three branches in Southwest Wisconsin in Town Bank, NA (“Town Bank”), the wholly owned subsidiary of Wintrust. The three affiliates affected by the transaction are located in Albany, Darlington and Monroe, Wisconsin. Through this transaction, Greenwoods acquired approximately $ 78 million in deposits and acquired the branch facilities and various other assets.
“We are pleased to complete this transaction, which will allow us to expand our presence in southern Wisconsin,” said Bill McDonald, Greenwoods CEO. “We look forward to building on the franchise that Town Bank has established in these locations and continuing to provide a full range of community banking products and services to its customers.”
Jay C. Mack, President and CEO of Town Bank, said, “The closing of this transaction allows us to focus our efforts on our primary markets. Greenwoods is a wonderful banking organization and will do everything in its power to ensure a smooth transition for the customers, colleagues and the local communities involved in these branches. “
Terms of the transaction are not being disclosed at this time.
Wintrust is a financial holding company with assets in excess of $ 45 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the “HAVE IT ALL” model, Wintrust offers advanced technology and resources from a major bank, while focusing on providing community-based service banking to every customer. Wintrust operates fifteen community banking subsidiaries, with more than 170 bank locations in the greater Chicago and Southern Wisconsin market areas. In addition, Wintrust operates several non-bank business units, including business units that provide commercial and life insurance premium finance in the United States, a premium finance company operating in Canada, a company that provides short-term debt financing, and value-added value-added outsourced financing company. administrative services to the staffing services industry, a business unit primarily engaged in creating and purchasing residential mortgages for sale in the secondary market in the United States, and companies providing asset management services and qualified brokerage services for tax-deferred exchanges.
Founded in 1884, Greenwoods is headquartered in Lake Mills, Wisconsin, and is a state-chartered non-affiliated bank. Greenwoods currently has locations in Jefferson, Green, Rock, Racine, Walworth and Waukesha counties. Greenwoods is a high-touch, community-based bank focused on its clients. Greenwoods has the technology products of a larger bank, but delivers its products and services in a hometown style. Greenwoods’ experienced staff provides solutions for both personal and corporate banking needs. Greenwoods has local decision-making and does its own credit insurance, and its clients interact with bankers in person. Greenwoods offers robust technology that allows its customers to access their accounts anytime, day and night, both online and through the app on mobile devices, for business and personal banking products. Greenwoods partners with the local communities it serves and invests its assets through loans to its neighbors, friends, family and local businesses.
This press release contains forward-looking statements within the meaning of federal securities laws relating to the acquisition of certain assets and the assumption of certain liabilities of Town Bank, a subsidiary of Wintrust, by The Greenwood’s State Bank, the combination of their activities and expected revenues, as well as profitability and profit outlook. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those in the forward-looking statements, see “Risk Factors” and the forward-looking statements in Wintrust’s Annual Report on Form 10-K for the last financial year for the last financial year. Forward-looking statements speak only as of the date made and Wintrust assumes no obligation to update the information.
CONTACT: FOR MORE INFORMATION CONTACT: Edward J. Wehmer, Founder and CEO – Wintrust Financial Corporation, (847) 939-9000 David A. Dykstra, Vice Chairman and COO – Wintrust Financial Corporation, (847) 939-9000 Bill McDonald, CEO – The Greenwood’s State Bank, (920) 648-2324