Rosemont, Ill.-based Wintrust Financial Corp. completed its acquisition of Chicago-based Rush-Oak Corp., the parent of Oak Bank, for about $46.0 million.
Following the deal completion, Rush-Oak redeemed Oak Bank shares held directly by its individual minority shareholders for the right to receive cash for an aggregate redemption value of roughly $8.7 million. Consequently, Oak Bank became a wholly owned subsidiary of Rush-Oak at the time of closing.
The deal is not expected to have a material effect on Wintrust's 2019 EPS.
Oak Bank had about $201 million in assets, roughly $141 million in loans and approximately $163 million in deposits as of March 31, according to a news release.
Stephens Inc. acted as exclusive financial adviser to Rush-Oak and provided a fairness opinion to its board, while Hinshaw & Culbertson LLP acted as Rush-Oak's transaction counsel. Schiff Hardin LLP served as transaction counsel to Wintrust.