Wintrust Financial To Acquire First Community Financial

(RTTNews) - Wintrust Financial Corp. (WTFC) said it agreed to acquire First Community Financial Corporation or "FCFC". FCFC is the parent company of First Community Bank, an Illinois state-chartered bank, which operates two banking locations in Elgin, Illinois.

As of March 31, 2016, First Community Bank had approximately $178 million in assets, approximately $79 million in loans and approximately $155 million in deposits.

Subject to possible adjustment, the aggregate purchase price will be approximately $30.3 million. Shares of FCFC common stock outstanding at the time of the merger will be converted into the right to receive merger consideration paid in cash.

The transaction is subject to approval by banking regulators and FCFC's shareholders and certain closing conditions. The transaction is expected to close late in the third quarter or early in the fourth quarter of 2016 and is not expected to have a material effect on Wintrust's 2016 earnings per share.