Deal Spotlight: Client Oak Bank Acquired by Wintrust Financial Corporation
Hinshaw congratulates its client Rush-Oak Corporation ("ROC") for recently completing its sale to Wintrust Financial Corporation ("Wintrust"). ROC is the parent company of Oak Bank, an Illinois state-chartered bank which operates a banking location in the Gold Coast neighborhood of Chicago. A Hinshaw legal team led by partner Tim Sullivan served as transaction counsel to ROC on the deal.
The deal also involved a reverse stock split to redeem minority shareholders of Oak Bank, so that Oak Bank would be a wholly-owned subsidiary of ROC at the time of closing.
The aggregate proceeds paid to the stockholders of ROC and the shareholders of Oak Bank totalled $54.7 million.
Assisting on the deal were Blerta Mileti and Dean Parker (real estate), Lisa Burman and John Dubbs (taxation), Anthony Jacob (representations and warranties), Anthony Antognoli (benefits), Michael Morehead (regulatory), and Mark Suri (intellectual property).