Community Bank of Wheaton, Glen Ellyn to be acquired by Wintrust Bank

WHEATON – Wintrust Financial Corporation has announced the acquisition of the parent company of Community Bank-Wheaton/Glen Ellyn, according to a news release from the corporation.

Wintrust formally announced the $42.4 million acquisition of Community Financial Shares July 24.

In the release, the corporation was complimentary of Community Bank, which operates four locations in Wheaton and Glen Ellyn.

“Since its formation in 1994, CBWGE has an exemplary history of serving its community,” it said. “CBWGE’s approach to community-based customer service is similar to that at each of the 15 Wintrust Community Banks and their more than 150 banking locations.”

The four locations will operate as branches of Wintrust’s subsidiary, the Wheaton Bank & Trust Company, bringing the total number to six in the market. Wintrust also expects to combine three of the branches with existing offices during the second half of 2015.

“We are excited about the conclusion of the transaction and combining resources with Wintrust, a successful organization that is like-minded in its philosophy of offering highly personalized banking services and possesses the financial capabilities to support further expansion,” said Donald H. Wilson, president and CEO of CBWGE. “The transaction allows us to continue focusing on serving our customers while becoming part of a growing and dynamic force in Chicagoland banking.”