Hartland-based Town Bank has agreed to acquire the Pewaukee branch of THE National Bank.
Town Bank, a subsidiary of Rosemont, Ill.-based Wintrust Financial Corp., will gain about $40 million in deposits, $90 million in performing loans, the branch and its property and other assets.
"This transaction provides a terrific opportunity to expand our presence in the western suburbs of Milwaukee,” said Edward Wehmer, president and chief executive officer of Wintrust. “THE National Bank has established a great community bank franchise in Pewaukee with a well-regarded team of bankers. We look forward to continuing to build that franchise and providing its customers with an expanded array of products and services."
The transaction, which is subject to regulatory approvals and closing conditions, is expected to close in the third quarter. Terms of the transaction were not disclosed. Wintrust does not expect it to have a material impact on its 2014 earnings.
"This transaction will allow us to focus our efforts on our primary markets in Iowa and Illinois where we have stronger market positions,” said John DeDoncker, president and CEO of THE National Bank. “We feel that Wintrust is a good buyer for the Pewaukee office and will work hard to ensure a smooth transition for our customers and colleagues who will be joining Wintrust."