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Wintrust Financial Corp. has agreed to acquire SBC Inc., parent company of Countryside Bank in a cash-and-stock deal valued at $90.5 million.

As of March 31, Countryside Bank had approximately $594 million in assets, $411 million in loans and $509 million in deposits. It operates six branches in Countryside, Burbank, Darien, Homer Glen, Oak Brook and Chicago.

“This transaction is a great opportunity to expand and complement our market presence in the western suburbs of the Chicago metropolitan area,” Wintrust CEO Edward J. Wehmer said in a statement. “Countryside Bank has a great 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.” 

SBC CEO John D. Wheeler added: “Countryside Bank’s motto is ‘It’s Grow Time’ and this partnership will continue that promise. We are excited about the opportunity to combine resources with Wintrust and look forward to partnering with a community-focused organization that is like-minded in its philosophy of offering highly personalized banking services and with the financial capabilities to support further expansion.”

Wintrust will buy SBC with 50% cash and 50% of its own shares, based on its average trading price at closing determined in accordance with the merger agreement.

The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2019. It is not expected to have a material effect on Wintrust’s 2019 earnings.

Wintrust is a financial holding company with assets of $33 billion.

Sandler O’Neill + Partners, L.P. acted as exclusive financial adviser to SBC in the transaction. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as SBC’s transaction counsel, and Schiff Hardin LLP served as transaction counsel to Wintrust.