Wintrust Financial Corporation Announces The Closing Of The Acquisition Of First Community Financial Corporation

ROSEMONT, Ill., Nov. 18, 2016 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today announced the completion of its previously announced acquisition of First Community Financial Corporation ("FCFC").  FCFC is the parent company of First Community Bank, an Illinois state-chartered bank, which operates two banking locations in Elgin, Illinois.  As of September 30, 2016, First Community Bank had approximately $172 million in assets, approximately $81 million in loans and approximately $147 million in deposits. 

Edward J. Wehmer, President and CEO of Wintrust, said, "This transaction allows us to expand and complement our market presence in Elgin, Illinois.  We look forward to continuing with the community banking approach that First Community Bank has established and to providing its customer base with an expanded array of products and services." 

Thomas M. Johannesen, CEO of First Community Bank, stated, "We are excited to commence our partnership 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."  Mr. Johannesen 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 are pleased to join the Wintrust family."

Terms of the Transaction

The aggregate purchase price was approximately $33.5 million.  Shares of FCFC common stock outstanding at the time of the merger were converted into the right to receive merger consideration paid in cash.  The transaction is not expected to have a material effect on Wintrust's 2016 earnings per share.

Advisors

Hovde Group, LLC acted as exclusive financial advisor to FCFC in the transaction and provided a fairness opinion to its Board of Directors.  Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as FCFC's legal advisor and Schiff Hardin LLP served as outside counsel to Wintrust.

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