Wintrust Financial Corporation Announces Plans to Acquire First Lansing
ROSEMONT, Ill., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Wintrust Financial
Corporation ("Wintrust") (Nasdaq:WTFC) today announced the signing of a
definitive agreement to acquire First Lansing Bancorp, Inc. ("FLB"). FLB is
the parent company of First National Bank of Illinois ("FNBI"). Established in
1945, FNBI is headquartered in Lansing, Illinois and operates seven banking
locations in the south and southwest suburbs of Chicago, as well as one
location in northwest Indiana.
FNBI has an established history of serving its communities dating back nearly
seventy years. As of December 31, 2012, it had approximately $370 million in
assets and approximately $325 million in deposits.FNBI's approach to customer
service is similar to that at each of the fifteen Wintrust Community Banks and
their more than 100 banking locations.In all aspects of the community banking
business, including services, products, and staff, a high level of involvement
between bank employees, customers and the communities served has always been a
top priority of FNBI.
Edward J. Wehmer, President and CEO of Wintrust, said, "This transaction
provides a terrific opportunity to expand our presence in the southern part of
our market area and helps us continue on our path to become Chicago's
Bank.First National Bank has established a great community bank franchise and
we look forward to continuing to build that franchise and providing its local
communities with an expanded array of products and services."
Christopher M. Morrow, Chairman of FNBI, remarked, "For three generations, our
family has proudly served Will and Cook County Illinois as well as Lake County
Indiana. We felt that now is the right time to expand our commitment by
partnering with Wintrust, a substantial regional bank who shares our passion
and expands our capacity to serve our communities."
Gilbert W. Rynberk, President of FNBI, added, "We are excited about combining
resources with Wintrust. This is a great opportunity to partner with a
successful organization that has the financial capabilities to support the
growth of our franchise and is like-minded in its approach to offering highly
personalized customer-oriented retail and commercial banking services." Mr.
Rynberk emphasized that by joining forces with Wintrust, "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 and
services. We clearly see benefits for our customers, shareholders and
employees and we look forward to joining the Wintrust family."
Terms of the Transaction
Subject to possible adjustment based on FLB's equity at closing, the aggregate
purchase price will approximate $38.5 million. In the merger, outstanding
shares of FLB common stock outstanding will be converted into the right to
receive merger consideration paid in a combination of approximately 40% cash
and approximately 60% shares of Wintrust common stock.
The transaction is subject to approval by banking regulators and certain
closing conditions.The transaction is expected to close early in the second
quarter of 2013 and is not expected to have a material effect on Wintrust's
2013 earnings per share.
Wintrust is a financial holding company with assets of approximately $17
billion whose common stock is traded on the NASDAQ Global Select Market.
Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology
and resources of a large bank while focusing on providing service-based
community banking to each and every customer. Wintrust operates fifteen
community bank subsidiaries, now with over 100 banking locations located in
the greater Chicago and Milwaukee market areas. Additionally, the Company
operates various non-bank subsidiaries including one of the largest commercial
insurance premium finance companies operating in the United States and Canada,
a company providing short-term accounts receivable financing and value-added
out-sourced administrative services to the temporary staffing services
industry, companies engaging primarily in the origination and purchase of
residential mortgages for sale into the secondary market throughout the United
States, and companies providing wealth management services.
This press release contains forward-looking statements within the meaning of
the federal securities laws relating to the proposed acquisition of First
Lansing Bancorp, Inc. and integration of First Lansing Bancorp, Inc. with
Wintrust, the combination of their businesses and projected revenue, as well
as profitability and earnings outlook. Investors are cautioned that such
statements are predictions and 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 contained in the
forward-looking statements, see "Risk Factors" and the forward-looking
statement disclosure contained in Wintrust's Annual Report on Form 10-K for
the most recently ended fiscal year and in Wintrust's subsequent Quarterly
Report on Form 10-Q. Forward-looking statements speak only as of the date made
and Wintrust undertakes no duty to update the information.
CONTACT: Edward J. Wehmer
President/CEO - Wintrust Financial Corporation
David A. Dykstra
COO - Wintrust Financial Corporation
Gilbert W. Rynberk
First Lansing Bancorp, Inc.
Wintrust Website address: www.wintrust.com
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