Wintrust Financial Corp., operator of 15 community bank subsidiaries in Chicago and Milwaukee, will add another community bank to its network. The financial holding company announced that it will acquire HPK Financial Corp., the parent company of Hyde Park Bank and Trust Co., an Illinois state community bank, for approximately $27.5 million. The deal is expected to close late in the fourth quarter pending approval by banking regulators.
The acquisition will allow Wintrust to expand its presence in the Hyde Park neighborhood of Chicago. "We look forward to continuing with the community banking approach that Hyde Park Bank has established and providing the local community with an expanded array of products and services," Edward J. Wehmer, president and CEO of Wintrust, said in a statement.
"The transaction allows us to continue focusing on serving our customers as we have for the past 84 years, while at the same time providing our customers with access to a wider range of products and services," added Timothy G. Goodsell, CEO of Hyde Park Bank and Trust Company.
Hyde Park Bank and Trust Company has approximately $390 million in assets and approximately $238 million in deposits, according to Wintrust.
In April, Wintrust hired investment management veteran James W. Kiley as managing director of its wealth services team. Kiley's addition was part of a company push to expand in the Chicago market and its suburbs, according to Wintrust.
Wintrust is a financial holding company with assets of approximately $17 billion. It has over 100 banking locations in the greater Chicago and Milwaukee market areas.