Wintrust Financial Corporation announced last week the completion of its previously announced acquisition of 100 percent of HPK Financial Corporation. HPK is the parent company of Hyde Park Bank and Trust Company. As part of the transaction, Hyde Park Bank will be merged into Wintrust’s wholly-owned subsidiary, Beverly Bank and Trust Company N.A. Hyde Park Bank’s two banking locations will operate as branches of Beverly Bank and Trust Company N.A. under the name Hyde Park Bank.
“We are excited about the opportunity to combine resources with Wintrust,” said Timothy G. Goodsell, former CEO of Hyde Park Bank, in a statement. “This is a great opportunity to partner with a successful organization that is like-minded in its philosophy of offering highly personalized customer-oriented retail and commercial banking services with financial capabilities to support further expansion.”
As part of the deal, Hyde Park Bank will become a unit of Beverly Bank and Trust, one of 15 community banks owned by Wintrust.
“Beverly Bank and Trust is excited to work with Hyde Park Bank to provide community banking services to the Hyde Park neighborhood,” said Dennis O’Malley, Vice Chairman of Beverly Bank and Trust, in a press release issued last Friday. “We believe firmly in a strong commitment to the communities we serve, and are looking forward to continuing work with organizations and people that support this vibrant area.”
Hyde Park Bank was founded in 1928 and, at the time of the purchase, had more than $375 million in assets. Hyde Park Bank President Michael McGarry said the sale will not lead to a significant loss of jobs at the bank.
“We intend to uphold our reputation for supporting our community and providing friendly personal service,” said McGarry in the same release. “Our customers will continue to see many of the same familiar faces in the bank, but our new organization will allow us to offer a wider range of products and give customers more convenient access to their accounts at Wintrust locations throughout Chicagoland.”