Wintrust Financial Agrees to Sell Deposits and Current Banking Operations of Second Federal to Self-Help Federal Credit Union
Wintrust Financial Corporation (NASDAQ: WTFC) announced today that its wholly-owned subsidiary bank, Hinsdale Bank & Trust Company ("Hinsdale Bank"), has entered into a definitive agreement to sell the deposits and the current banking operations of Second Federal Savings and Loan, a branch of Hinsdale Bank ("Second Federal") to Self-Help Federal Credit Union, partnering with The Resurrection Project.
Hinsdale Bank currently operates three Second Federal locations; two branches in Chicago (Brighton Park and Little Village neighborhoods) and one in neighboring Cicero, Illinois. As of September 30, 2012, Second Federal had approximately $161 million in deposits. Hinsdale Bank purchased the deposits of Second Federal from the Federal Deposit Insurance Corporation (FDIC) when it failed and was placed in receivership with the FDIC on July 20, 2012.
"At our core, we are community bankers first. One of the main goals of community banks is to provide access. Sometimes that takes different forms. In this case, it's about helping a vibrant community choose its own financial destiny," said Edward J. Wehmer, President and CEO of Wintrust. Mr. Wehmer continued to note, "We came into Second Federal's neighborhoods with the intention of serving all the financial needs of