Terms of the Transaction
Subject to possible adjustment based on FLB's equity at closing, the aggregate purchase price will approximate $38.5 million. In the merger, outstanding shares of FLB common stock outstanding will be converted into the right to receive merger consideration paid in a combination of approximately 40% cash and approximately 60% shares of Wintrust common stock.
The transaction is subject to approval by banking regulators and certain closing conditions. The transaction is expected to close early in the second 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 $17 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, now with over 100 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.
This press release contains forward-looking statements within the meaning of the federal securities laws relating to the proposed acquisition of First Lansing Bancorp, Inc. and integration of First Lansing Bancorp, Inc. 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 in Wintrust's 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.
CONTACT: Edward J. Wehmer
President/CEO - Wintrust Financial Corporation
David A. Dykstra
COO - Wintrust Financial Corporation
Gilbert W. Rynberk
First Lansing Bancorp, Inc.
Wintrust Website address: www.wintrust.com