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Wintrust Financial Closes USD 42.4m Acquisition of Community Financial Shares, Inc.

M2 EQUITYBITES-July 27, 2015-Wintrust Financial Closes USD 42.4m Acquisition of Community Financial Shares, Inc.

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27 July 2015 - US-based bank holding company Wintrust Financial Corp. (NASDAQ: WTFC) has closed its acquisition of Community Financial Shares, Inc. (OTC: CFIS), the company said.

CFIS was the parent company of Community Bank-Wheaton/Glen Ellyn an Illinois-state chartered bank, which operated four banking locations in Wheaton and Glen Ellyn, Illinois.

Since its formation in 1994, CBWGE has an exemplary history of serving its community.

As of March 31, 2015 it had approximately USD343 m in assets, approximately USD 182m in loans and approximately USD 310m in deposits.

CBWGE's approach to community-based customer service is similar to that at each of the fifteen Wintrust Community Banks and their more than 150 banking locations.

Effective with the closing of the transaction, CBWGE's locations will operate as branches of Wintrust's subsidiary, Wheaton Bank and Trust company, which now, as a result of the transaction, has six branch locations in the Wheaton and Glen Ellyn markets.

Wintrust expects to combine three of the CBWGE branch offices with its existing branch offices during the second half of 2015.

The aggregate purchase price was approximately USD 42.4m. Shares of preferred stock of CFIS were converted to CFIS common stock immediately prior to the merger.

Shares of CFIS common stock outstanding at the time of the merger were converted into the right to receive merger consideration paid in a combination of approximately 50% cash and 50% shares of Wintrust common stock.

The transaction is not expected to have a material effect on Wintrust's 2015 earnings per share.

Advisors

FIG Partners LLC acted as financial advisor to CFIS in the transaction. D.A. Davidson and Co. provided a fairness opinion to the board of directors of CFIS. Godfrey and Kahn, S.C. acted as CFIS's legal advisor and Kilpatrick Townsend and Stockton, LLP acted as securities counsel. Schiff Hardin LLP served as outside counsel to Wintrust.

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Publication:M2 EquityBites (EQB)
Date:Jul 27, 2015
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