Wintrust Closes Acquisition Of Delavan Bancshares

(RTTNews) - Wintrust Financial Corp (WTFC) on Friday announced the completion of its acquisition of Delavan Bancshares Inc, the parent company of Community Bank CBD.

CBD is a Wisconsin state chartered bank, which operates four banking locations in southeastern Wisconsin. Following the transaction, CBD will be merged into Wintrust's Wisconsin banking subsidiary, Town Bank. CBD's banking locations will operate as branches of Town Bank. CBD has about $210 million in assets and nearly $168 million in deposits.

The aggregate purchase price of the deal was about $38 million. In the merger, outstanding shares of Delavan common stock were converted into the right to receive merger consideration paid in a combination of approximately 50% cash and about 50% shares of Wintrust common stock.

The deal is not expected to have a material effect on Wintrust's 2015 earnings per share.