Rosemont, Ill.-based Wintrust Financial Corp. plans to acquire Delavan-based Delavan Bancshares Inc. for $38 million.
Delavan Bancshares is the parent company of Community Bank CBD, which has branches in Delavan, Sharon, Lake Geneva and Clinton. It was founded in 1996 and has about $208 million in assets and about $167 in deposits.
Wintrust, the parent company of Hartland-based Town Bank, in April acquired 11 Talmer Bank and Trust branches and the Pewaukee branch of THE National Bank and folded them into Town Bank. Wintrust includes 15 community banks with more than 135 branches.
“This transaction provides a wonderful opportunity to expand and complement our growing market presence in southeastern Wisconsin,” said Edward Wehmer, president and chief executive officer of Wintrust. “We look forward to continuing with the community banking approach that CBD has established and to providing the local communities with an expanded array of products and services.”
“We are excited about the opportunity to combine resources with Wintrust,” said Michael Murphy, president and CEO of Community Bank CBD. “This is a great opportunity to partner 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. 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 and shareholders and we look forward to joining the Wintrust family.”