Wintrust Financial to acquire ROC for aggregate purchase price of $46M
Wintrust Financial announced the signing of a definitive agreement to acquire Rush-Oak, or ROC. ROC is the parent company of Oak Bank, an Illinois state-chartered bank that operates a banking location in the Gold Coast neighborhood of Chicago, Illinois. As of December 31, 2018, Oak Bank had approximately $196M in assets, approximately $143M in loans and approximately $158M in deposits. Subject to possible adjustment, the aggregate purchase price to ROC stockholders is currently estimated to be approximately $46M. Shares of ROC common stock outstanding at the time of the merger will be converted into the right to receive per share merger consideration to be paid in cash. The merger agreement also provides that, prior to closing, the shares of Oak Bank held directly by individual minority shareholders will be redeemed for cash by ROC for an aggregate redemption value of approximately $9M, leaving Oak Bank as a wholly-owned subsidiary of ROC. Subject to approval by banking regulators and ROC's stockholders and certain other closing conditions, the transaction is expected to close in Q2 and it is not expected to have a material effect on Wintrust's 2019 earnings per share.