Wintrust Bank, a subsidiary of Wintrust Financial Corporation, has signed a definitive agreement to acquire North Bank, headquartered in downtown Chicago, Illinois.
The transaction, which is subject to approval by banking regulators and North Bank’s shareholders, is valued at $17m.
The transaction is expected to close late in the second quarter of 2015 or early in the third quarter of 2015.
Commenting on the deal, Wintrust Financial president and CEO Edward Wehmer said: "This transaction provides a wonderful opportunity to expand and complement our growing market presence in downtown Chicago."
North Bank president Mayo Walcott said: "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 see many benefits for our customers and shareholders and we look forward to joining the Wintrust family."