Wintrust Financial Corp. has completed the acquisition of First Community Financial Corp. (FCFC), the parent company of First Community Bank, which has two locations in Elgin.
“This transaction allows us to expand and complement our market presence in Elgin, Ill. We look forward to continuing with the community banking approach that First Community Bank has established and to providing its customer base with an expanded array of products and services,” Wintrust President and CEO Edward Wehmer said.
The purchase price is approximately $33.5 million. Shares of FCFC common stock were converted into the right to receive merger consideration in cash.
“We are excited to commence our partnership with a successful organization that is like-minded in its philosophy of offering highly personalized customer-oriented retail and commercial banking services with financial capabilities to support further expansion,” First Community Bank CEO Thomas Johannesen said. “The transaction allows us to continue focusing on serving our customers, while at the same time providing our customers with access to a wider range of products and services. We are pleased to join the Wintrust family.”
Wintrust is a financial holding company that also operates 15 community bank subsidiaries, offering more than 150 banking locations in the Chicago and southern Wisconsin market areas.