Aug 1 - Wintrust Financial Corp., Rosemont, Ill., (Nasdaq:WTFC) has announced the signing of a definitive agreement to acquire Diamond Bancorp Inc. Diamond is the parent company of Diamond Bank, FSB in Schaumburg, Ill. With a history dating back to 1886, Diamond Bank operates four banking locations in Chicago, Schaumburg, Elmhurst and Northbrook, Ill.
Diamond Bank has an established tradition of serving its communities dating back more than 100 years. As of June 30, 2013, it had approximately $165 million in assets and approximately $135 million in deposits. Diamond Bank's approach to customer service is similar to the philosophy embraced by each of the fifteen Wintrust Community Banks and their more than 115 banking locations.
Edward J. Wehmer, president and CEO of Wintrust, said, "This transaction provides a great opportunity to expand our presence on the north side of the city of Chicago and to supplement our suburban franchise. This acquisition further assists us in achieving our goal of becoming Chicago's Bank. Diamond Bank is a long established enterprise, which focuses on providing great customer service and we look forward to continuing to build upon their history and providing its local communities with an expanded array of products and services."
Matthew Gambs, president of Diamond Bank, added, "We are excited about the opportunity to combine resources with Wintrust. Our customers and employees will benefit from partnering with a successful organization that has the financial capabilities to support the growth of our franchise." Gambs 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 look forward to joining the Wintrust family."
In the merger, outstanding shares of Diamond common stock outstanding will be converted into the right to receive cash merger consideration. The remaining terms of the transaction are not being disclosed at this time.
The transaction is subject to approval by banking regulators and the satisfaction of certain closing conditions. The transaction is expected to close by early in the fourth 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 $18 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 15 community bank subsidiaries, with over 115 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.