Daily News: December 10, 2018

Wintrust Acquires American Enterprise Bank Assets and Liabilities


Wintrust Financial’s subsidiary, Northbrook Bank & Trust, completed its acquisition of certain assets and the assumption of certain liabilities of American Enterprise Bank.

As of November 30, 2018, AEB had approximately $128 million in loans, and approximately $152 million in deposits, substantially all of which were acquired by Wintrust.

Edward J. Wehmer, president and CEO of Wintrust, said, “This expands and complements our market presence in the north and northwest suburbs of Chicago. We look forward to continuing the community banking approach that American Enterprise Bank conducted and to providing its customers with an expanded array of products, services and resources. We welcome the AEB customers to Wintrust.”

“We are very pleased to conclude this transaction,” said Bradley D. Gordon, American Enterprise CEO. “We see many advantages for our customers, given Wintrust’s community banking philosophy, its range of products and services offered and its reputation within the communities that we serve.”

Wintrust paid a premium of 4.2% on the deposit balances assumed. The consideration paid or received for the remainder of the assets acquired and liabilities assumed, respectively, was transacted at fair market value. The significant assets acquired included substantially all of AEB’s loans, investment securities, certain cash balances held at the Federal Reserve Bank and specified OREO properties. The significant liabilities assumed included all customer deposits and Federal Home Loan Bank advances. Excluded assets and liabilities included, among other items, the real property owned by AEB (such as its banking offices located in Buffalo Grove, Highland Park and Schaumburg, IL,).

The transaction is not expected to have a material effect on Wintrust’s 2018 or 2019 earnings per share.

Barack Ferrazzano Kirschbaum & Nagelberg acted as AEB’s transaction counsel, while Schiff Hardin served as transaction counsel to Wintrust.