Old Plank Trail Community Bank Acquires First United Bank in FDIC-Assisted Transaction

Old Plank Trail Community Bank Acquires First United Bank in FDIC-Assisted Transaction

Fri, 28 Sep, 2012 at 17:28
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ROSEMONT, Ill., Sept. 28, 2012 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (WTFC) announced today that its wholly-owned subsidiary bank, Old Plank Trail Community Bank, National Association ("Old Plank Trail Bank"), has acquired certain assets and liabilities and the banking operations of First United Bank of Crete, Illinois ("First United Bank") in an FDIC-assisted transaction. First United Bank currently operates four locations in Illinois; one in Crete, two in Frankfort and one in Steger, as well as one location in St. John, Indiana. As of June 30, 2012, FDIC data reflects First United Bank had approximately $328 million in total assets and $316 million in total deposits. Old Plank Trail Bank acquired substantially all of First United Bank's assets at a discount of approximately 9.3% and assumed all of the non-brokered deposits at a premium of 0.60%. In connection with the acquisition, Old Plank Trail Bank entered into a loss sharing agreement with the FDIC whereby Old Plank Trail Bank will share in losses with the FDIC on certain loans and foreclosed real estate at First United Bank.

"This FDIC-assisted transaction provides a great opportunity to expand our presence in the southern suburbs of Chicago, where we currently operate Old Plank Trail Community Bank, said Edward J. Wehmer, President and CEO of Wintrust. Mr. Wehmer continued to note, "This transaction is another step for Wintrust as we continue to increase our role as Chicago's Bank."

First United Bank locations will reopen on Saturday, September 29, 2012 and operate as a branch of Old Plank Trail Bank. Depositors of First United Bank will continue to have full access to their deposits, including ATM or debit cards, and checks. Customers should continue to bank as usual.