Wintrust FinancialCorp. completed its acquisitionof Pewaukee, Wis.-based GenerationsBancorp Inc., the parent company of Foundations Bank, according to a March 31 news release.
The aggregate purchase price was approximately $25.1 million.Shares of Generations Bancorp's common stock outstanding at the time of the mergerwere converted into the right to receive merger consideration paid in cash.
The transactionis not expected to have a material effect on Wintrust Financial's 2016 earningsper share.
Immediately following the closing of deal, Foundations Bank wasmerged into Hartland, Wis.-based TownBank, Wintrust Financial's wholly owned Wisconsin banking subsidiary.Foundations Bank's sole banking location in Pewaukee will operate as a branch ofTown Bank.
As of March 31, Foundations Bank had approximately $124 millionin assets, approximately $73 million in loans and approximately $96 million in deposits,according to the news release. Town Bank had total assets of about $125.7 millionas of Dec. 31, 2015, per SNL data.
Hovde Group LLC acted as exclusive financial adviser to GenerationsBancorp in the transaction and provided a fairness opinion to its board. Godfrey& Kahn SC acted as Generations Bancorp's legal adviser, while Schiff HardinLLP served as outside counsel to Wintrust Financial.