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Wintrust Financial Announces Plans to Acquire Oak Bank

February 21, 2019, 08:00 AM

Wintrust Financial Corporation announced the signing of a definitive agreement to acquire Rush-Oak Corporation (ROC).  ROC is the parent company of Oak Bank, an Illinois state-chartered bank, which was established in 1970 and operates a banking location in the Gold Coast neighborhood of Chicago, Illinois.  As of December 31, 2018, Oak Bank had approximately $196 million in assets, approximately $143 million in loans and approximately $158 million in deposits.

Edward J. Wehmer, President and CEO of Wintrust, said, “This transaction is a great opportunity to expand our market presence in the heart of the City of Chicago.  Oak Bank has a wonderful reputation for providing outstanding customer service using a community banking approach.  We look forward to continuing that tradition and to providing its customers with an expanded array of products, services and resources.”

Roy E. Curran, President of Oak Bank, stated, “We are excited about the opportunity to combine resources with Wintrust.  This is a wonderful opportunity to partner with a successful organization that is like-minded in its philosophy of offering highly personalized customer-oriented banking services.”  Mr. Curran emphasized that by joining forces with Wintrust, “the transaction allows us to continue focusing on serving our customers as we have for nearly 50 years, while at the same time providing our customers with access to a wider range of products and services.  We see many benefits for our customers and stockholders, and we look forward to joining the Wintrust family.”

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