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Deal Overview

Wintrust Financial Corporation
Actual Acquirer:
Wintrust Financial Corporation
First Lansing Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Cash ($M) 15.4
Common Stock ($M) 23.1
Common Stock Issued 648,286

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 94.1 92.4
Price / Tangible Book (%) 97.7 95.9
Price / Earnings (x) 35.7 46.2
Price / Deposits (%) 11.72 11.67
Price / Assets (%) 10.36 10.27
Tangible Book Premium/ Deposits (%) (0.30) (0.53)
Deal Terms
Description of Consideration

Wintrust Financial Corp. paid approximately $38.45 million in cash and common stock to acquire all of the outstanding shares of First Lansing Bancorp Inc. Subject to 40% of the consideration paid in cash. Targets financials are for First National Bank of Illinois. Ratios on completion are based on First Lansing Bancorp Inc.' s December 31, 2012 small parent equity and LTM net income of $41,600,000 and $832,000 respectively. Exchange ratio was subject to adjustment based on Wintrust Financial Corp. closing price within a $33-43 cap/floor.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 13,960
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 750
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 1,000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Austin Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Schiff Hardin LLP
Seller Yes Vedder Price PC
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