Wintrust Bank, a subsidiary of Wintrust Financial Corporation (WTFC), announced plans to acquire Chicago-based North Bank for approximately $17 million.

According to Wintrust, North Bank held approximately $108 million in assets, approximately $55 million in loans and approximately $96 million in deposits as of Dec. 31, 2014.

The purchase price of $17 million is “subject to possible adjustment,” Wintrust said, and will be paid in cash in exchange for all outstanding shares of North Bank's common stock.

“This transaction provides a wonderful opportunity to expand and complement our growing market presence in downtown Chicago,” Edward Wehmer, president and CEO of Wintrust, said. “We look forward to continuing with the community banking approach that North Bank has established and to providing their customer base with an expanded array of products and services."

Founded in 1970, North Bank has two banking locations in the Chicago area, one in the River North and on the Streeterville neighborhoods.

"We are excited about the opportunity to combine resources with Wintrust. This is a great opportunity to partner with a successful organization that is compatible with ours,” Mayo Walcott, president of North Bank, said. 

“We share a philosophy of offering highly personalized customer-oriented retail and commercial banking services,” Walcott continued. “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 see many benefits for our customers and shareholders and we look forward to joining the Wintrust family."

The transaction is subject to approval by banking regulators and North Bank's shareholders, and certain closing conditions, Wintrust said.

Wintrust said that the acquisition is expected to have a material effect on Wintrust's 2015 earnings per share.

The transaction is expected to close late in the second quarter of 2015 or early in the third quarter of 2015.