A branch of PyraMax Bank was acquired by Wintrust Financial Corp. of Rosemont, Ill.
Through its wholly owned subsidiary Town Bank, based in Hartland, Wintrust acquired the PyraMax branch at 1605 W. Mitchell St. in Milwaukee. Town Bank took over about $5 million of deposits, the bank facility, and property through the transaction.
Terms of the deal were not disclosed in a news release announcing the move. State real estate records indicate Town Bank paid $800,000 for the property.
Town Bank president and chief executive officer Jay Mack said in the announcement the transaction gave the bank an opportunity to expand its presence in Milwaukee.
Read more in the Milwaukee Business Journal.