Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today
announced that Edward J. Wehmer, its President and Chief Executive
Officer, adopted a prearranged trading plan in accordance with
guidelines specified by Rule 10b5-1 under the Securities and
Exchange Act of 1934, as well as Wintrust's policies with respect
to insider sales.
Rule 10b5-1 allows officers and directors to adopt written,
prearranged stock trading plans when they do not have material,
non-public information. Once established, the officers do not
retain or exercise any discretion over sales of stock under the
plan and the pre-planned trades can be executed at later dates as
set forth in the plan, without regard to any subsequent material
non-public information that the director or officer may
receive.
The purpose of the plan is to provide Mr. Wehmer, who receives a
substantial portion of his compensation in the form of equity
awards and options, with the ability to exercise certain expiring
stock options and sell the underlying common stock in an orderly
manner and avoid concerns about the timing of those
transactions. Appropriate filings reporting the sales will be
made with the Securities and Exchange Commission when the sales are
completed under the trading plan.
Under his trading plan, Mr. Wehmer may sell up to 180,000 shares
of Wintrust common stock upon exercise of expiring stock
options.
WINTRUST SUBSIDIARIES AND LOCATIONS
Wintrust is a financial holding company whose common stock is
traded on the Nasdaq Global Select Market (Nasdaq:WTFC). Its
15 community bank subsidiaries are: Lake Forest Bank &
Trust Company, Hinsdale Bank & Trust Company, North Shore
Community Bank & Trust Company in Wilmette, Libertyville Bank
& Trust Company, Barrington Bank & Trust Company, Crystal
Lake Bank & Trust Company, Northbrook Bank & Trust Company,
Advantage National Bank in Elk Grove Village, Village Bank &
Trust in Arlington Heights, Beverly Bank & Trust Company in
Chicago, Wheaton Bank & Trust Company, State Bank of The Lakes
in Antioch, Old Plank Trail Community Bank, N.A. in New Lenox, St.
Charles Bank & Trust Company and Town Bank in Hartland,
Wisconsin. The banks also operate facilities in Illinois in
Algonquin, Bloomingdale, Buffalo Grove, Cary, Chicago, Clarendon
Hills, Deerfield, Downers Grove, Frankfort, Geneva, Glencoe, Glen
Ellyn, Gurnee, Grayslake, Highland Park, Highwood, Hoffman Estates,
Island Lake, Lake Bluff, Lake Villa, Lincoln Park, Lindenhurst,
McHenry, Mokena, Mount Prospect, Mundelein, Naperville, North
Chicago, Northfield, Palatine, Prospect Heights, Ravenswood,
Ravinia, Riverside, Roselle, Sauganash, Skokie, Spring Grove,
Vernon Hills, Wauconda, Western Springs, Willowbrook and Winnetka,
and in Delafield, Elm Grove, Madison, Wales, Wisconsin.
Additionally, the Company operates various non-bank
subsidiaries. First Insurance Funding Corporation, one of the
largest insurance premium finance companies operating in the United
States, serves commercial and life insurance loan customers
throughout the country. Tricom, Inc. of Milwaukee provides
high-yielding, short-term accounts receivable financing and
value-added out-sourced administrative services, such as data
processing of payrolls, billing and cash management services, to
temporary staffing service clients located throughout the United
States. Wintrust Mortgage Corporation engages primarily in the
origination and purchase of residential mortgages for sale into the
secondary market through origination offices located throughout the
United States. Loans are also originated nationwide through
relationships with wholesale and correspondent offices. Wayne
Hummer Investments, LLC is a broker-dealer providing a full range
of private client and brokerage services to clients and
correspondent banks located primarily in the Midwest. Wintrust
Capital Management provides money management services and advisory
services to individual accounts. Advanced Investment Partners,
LLC is an investment management firm specializing in the active
management of domestic equity investment strategies. The
Chicago Trust Company, a trust subsidiary, allows Wintrust to
service customers' trust and investment needs at each banking
location. Wintrust Information Technology Services Company
provides information technology support, item capture and statement
preparation services to the Wintrust subsidiaries.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the
meaning of federal securities laws. Forward-looking information can
be identified through the use of words such as "intend," "plan,"
"project," "expect," "anticipate," "believe," "estimate,"
"contemplate," "possible," "point," "will," "may," "should,"
"would" and "could." Forward-looking statements and information are
not historical facts, are premised on many factors and assumptions,
and represent only management's expectations, estimates and
projections regarding future events. Similarly, these
statements are not guarantees of future performance and involve
certain risks and uncertainties that are difficult to predict,
which may include, but are not limited to, those listed below and
the Risk Factors discussed under Item 1A of the Company's 2009
Annual Report on Form 10-K and in any of the Company's subsequent
SEC filings. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995, and is including this statement for
purposes of invoking these safe harbor provisions. Such
forward-looking statements may be deemed to include, among other
things, statements relating to the Company's future financial
performance, the performance of its loan portfolio, the expected
amount of future credit reserves and charge-offs, delinquency
trends, growth plans, regulatory developments, securities that the
Company may offer from time to time, and management's long-term
performance goals, as well as statements relating to the
anticipated effects on financial condition and results of
operations from expected developments or events, the Company's
business and growth strategies, including future acquisitions of
banks, specialty finance or wealth management businesses, internal
growth and plans to form additional de novo banks or branch
offices. Actual results could differ materially from those
addressed in the forward-looking statements as a result of numerous
factors, including the following:
- negative economic conditions that adversely affect the economy,
housing prices, the job market and other factors that may affect
the Company's liquidity and the performance of its loan portfolios,
particularly in the markets in which it
operates;
- the extent of defaults and losses on the Company's loan
portfolio, which may require further increases in its allowance for
credit
losses;
- estimates of fair value of certain of the Company's assets and
liabilities, which could change in value significantly from period
to
period;
- changes in the level and volatility of interest rates, the
capital markets and other market indices that may affect, among
other things, the Company's liquidity and the value of its assets
and
liabilities;
- a decrease in the Company's regulatory capital ratios,
including as a result of further declines in the value of its loan
portfolios, or
otherwise;
- effects resulting from the Company's prior participation in the
Capital Purchase Program;
- increased costs of compliance, heightened regulatory capital
requirements and other risks associated with changes in regulation
and the current regulatory environment, including the requirements
of the Basel II and III capital regimes and the Dodd-Frank Wall
Street Reform and Consumer Protection Act;
- legislative or regulatory changes, particularly changes in
regulation of financial services companies and/or the products and
services offered by financial services
companies;
- increases in the Company's FDIC insurance premiums, or the
collection of special assessments by the
FDIC;
- competitive pressures in the financial services business which
may affect the pricing of the Company's loan and deposit products
as well as its services (including wealth management
services);
- delinquencies or fraud with respect to the Company's premium
finance
business;
- the Company's ability to comply with covenants under its
securitization facility and credit
facility;
- credit downgrades among commercial and life insurance providers
that could negatively affect the value of collateral securing the
Company's premium finance
loans;
- any negative perception of the Company's reputation or
financial
strength;
- the loss of customers as a result of technological changes
allowing consumers to complete their financial transactions without
the use of a
bank;
- the ability of the Company to attract and retain senior
management experienced in the banking and financial services
industries;
- failure to identify and complete favorable acquisitions in the
future, or unexpected difficulties or developments related to the
integration of recent or future acquisitions, including with
respect to any FDIC-assisted
acquisitions;
- unexpected difficulties or unanticipated developments related
to the Company's strategy of de novo bank formations and openings,
which typically require over 13 months of operations before
becoming profitable due to the impact of organizational and
overhead expenses, the startup phase of generating deposits and the
time lag typically involved in redeploying deposits into
attractively priced loans and other higher yielding earning
assets;
- changes in accounting standards, rules and interpretations and
the impact on the Corporation's financial
statements;
- significant litigation involving the Company;
and
- the ability of the Company to receive dividends from its
subsidiaries.
Therefore, there can be no assurances that future actual results
will correspond to these forward-looking statements. The
reader is cautioned not to place undue reliance on any
forward-looking statement made by or on behalf of
Wintrust. Any such statement speaks only as of the date the
statement was made or as of such date that may be referenced within
the statement. The Company undertakes no obligation to release
revisions to these forward-looking statements or reflect events or
circumstances after the date of this press release. Persons are
advised, however, to consult further disclosures management makes
on related subjects in its reports filed with the Securities and
Exchange Commission and in its press releases.
CONTACT: Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Senior Executive Vice President &
Chief Operating Officer
(847) 615-4096
Website address: www.wintrust.com
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