Wintrust Financial Corp. continues its northern push, agreeing to buy another Wisconsin bank.
The Rosemont-based bank will pay $38 million in cash and stock for Delavan Bancshares Inc., the parent of Community Bank CBD. The bank, with about $208 million in assets, has four offices in southeastern Wisconsin, including Lake Geneva.
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“This transaction provides a wonderful opportunity to expand and complement our growing market presence in southeastern Wisconsin. 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,” Wintrust president and CEO Edward J. Wehmer said in a news release.
Wintrust expects the sale to be completed during the first quarter of 2015.
In April, Wintrust bought 11 branch offices in southern Wisconsin from Talmer Bancorp Inc. Those offices were added to Wintrust’s Town Bank subsidiary in Milwaukee.
Wintrust, with assets of about $19 billion, operates 15 community bank subsidiaries with more than 135 banking offices in the Chicago area and southern Wisconsin.
