Wintrust Financial Corporation has announced the signing of an agreement to acquire STC Bancshares Corp.
STC Bancshares Corp. is the parent company of STC Capital Bank, an Illinois state-chartered bank, which operates five banking offices in St. Charles, Geneva and South Elgin. As of March 31, STC Capital Bank had approximately $277 million in assets, approximately $204 million in loans and approximately $246 million in deposits, according to a news release from Wintrust Financial Corporation.
“This transaction is a great opportunity to expand and complement our market presence in the western suburbs of the Chicago metropolitan area," Wintrust President and CEO Edward Wehmer said in the release. "STC Capital Bank has a wonderful reputation for providing outstanding customer service using a community banking approach. We look forward to continuing that tradition and to providing its customers with an expanded array of products, services and resources.”
STC Chairman Anthony Sisto also was enthusiastic about the agreement.
“We are excited about the opportunity to combine resources with Wintrust,” he said in the release. “It makes sense in the evolution of our company to partner with a financial organization that is similarly-minded in their philosophy of offering highly personalized customer-oriented banking services with financial capabilities to support further expansion.”
STC President Christopher Woelffer added that, "By joining forces with Wintrust, STC Capital Bank’s customers will not only retain very high levels of customer service but will also gain access to a wider range of products and services. We clearly see benefits for our customers, shareholders and employees and we look forward to joining the Wintrust family.”