ROSEMONT, Ill., Nov. 18, 2016 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq:WTFC)
today announced the completion of its previously announced acquisition of First Community Financial Corporation (“FCFC”).
FCFC is the parent company of First Community Bank, an Illinois state-chartered bank, which operates two banking locations in
Elgin, Illinois. As of September 30, 2016, First Community Bank had approximately $172 million in assets, approximately $81
million in loans and approximately $147 million in deposits.
Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction allows us to expand and complement our
market presence in Elgin, Illinois. We look forward to continuing with the community banking approach that First Community
Bank has established and to providing its customer base with an expanded array of products and services.”
Thomas M. Johannesen, CEO of First Community Bank, stated, “We are excited to commence our partnership with a
successful organization that is like-minded in its philosophy of offering highly personalized customer-oriented retail and
commercial banking services with financial capabilities to support further expansion.” Mr. Johannesen 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 are pleased to join the Wintrust
family.”
Terms of the
Transaction
The aggregate purchase price was approximately $33.5 million. Shares of FCFC common stock outstanding at
the time of the merger were converted into the right to receive merger consideration paid in cash. The transaction is not
expected to have a material effect on Wintrust’s 2016 earnings per share.
Advisors
Hovde Group, LLC acted as exclusive financial advisor to FCFC in the transaction and provided a fairness opinion
to its Board of Directors. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as FCFC’s legal advisor and Schiff Hardin LLP
served as outside counsel to Wintrust.
About Wintrust
Wintrust is a financial holding company with assets of approximately $25 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 with over 150 banking locations located in the greater Chicago and southern Wisconsin market areas.
Additionally, the Company operates various non-bank business units 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, a business unit 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.
Forward-Looking Information
This press release contains forward-looking statements within the meaning of the federal securities laws
relating to the acquisition of First Community Financial Corporation and its integration 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 any 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.
FOR MORE INFORMATION CONTACT: Edward J. Wehmer, President/CEO – Wintrust Financial Corporation, (847) 939-9000 David A. Dykstra, COO – Wintrust Financial Corporation, (847) 939-9000 Thomas M. Johannesen, President/CEO – First Community Financial Corporation, (847) 622-8800 Wintrust Website address: www.wintrust.com
