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.
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