Rosemont, Ill.-based Wintrust Financial Corp. has signed a definitive agreement to acquire HPK Financial Corp., the parent company of Hyde Park Bank and Trust Co.
Hyde Park Bank was formed in 1928 and operates two banking locations in Chicago's Hyde Park section. As of June 30, it had approximately $390 million in assets and approximately $238 million in deposits.
‘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,’ says Edward J. Wehmer, president and CEO of Wintrust.
Subject to possible adjustment depending on HPK's equity at closing, the aggregate purchase price will approximate $27.5 million. In the merger, shares of HPK common stock outstanding will be converted into the right to receive merger consideration paid in a combination of cash and shares of Wintrust common stock. The transaction, which is subject to approval by banking regulators and certain closing conditions, is expected to close late in the fourth quarter.