Wintrust Mortgage Corporation Acquires Certain Mortgage Banking Assets of Woodfield Planning Corporation
February 03 2011 - 7:22PM
Wintrust Financial Corporation ("Wintrust" or "the Company")
(Nasdaq:WTFC) announced the acquisition of certain assets and the
assumption of certain liabilities of the mortgage banking business
of Woodfield Planning Corporation of Rolling Meadows, Illinois.
With offices in Rolling Meadows, Illinois and Crystal Lake,
Illinois, Woodfield Planning originated approximately $180 million
in mortgage loans in 2010.
"Founded in 1982 by President Jim Dobbs, Woodfield Planning
developed a reputation as an honest provider of financial services
throughout the Chicagoland area. The professionals from Woodfield
Planning who are joining us make a strong addition to the Wintrust
Mortgage team," said David Hrobon, President & CEO of Wintrust
Mortgage. "Jim and his team bring a reputation of stability,
experience and professionalism to the organization, with each team
member averaging more than ten years' experience with Woodfield
Planning."
"Joining Wintrust just made sense for us," observed Dobbs.
"Their focus on community and family, their greater financial
strength and commitment to the customer fit perfectly with our
philosophy." Jim Dobbs will assume the title of Senior Vice
President at Wintrust Mortgage.
A significant portion of the purchase price for the Woodfield
Planning Corporation assets is conditioned upon certain future
profitability measures. The transaction is not expected to have a
material effect on Wintrust's 2011 earnings per share.
ABOUT WINTRUST
Wintrust is a financial holding company with assets of
approximately $14 billion whose common stock is traded on the
NASDAQ Global Select Market (Nasdaq:WTFC). Wintrust operates
fifteen community bank subsidiaries that are located in the greater
Chicago and Milwaukee market areas. Additionally, the Company
operates various non-bank subsidiaries including one of the largest
commercial insurance premium finance companies operating in the
United States, a company providing short-term accounts receivable
financing and value-added out-sourced administrative services to
the temporary staffing services industry, companies engaging
primarily in the origination and purchase of residential mortgages
for sale into the secondary market throughout the United States,
and companies providing wealth management services including
broker-dealer, money management services, advisory services, and
trust and estate services. Currently, Wintrust operates more than
85 banking offices.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the federal securities laws. Investors are cautioned
that such statements are predictions and that actual events or
results may differ materially. Wintrust's expected financial
results or other plans are subject to a number of risks and
uncertainties. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see "Risk Factors" and the
forward-looking statement disclosure contained in Wintrust's Annual
Report on Form 10-K for the most recently ended fiscal year and in
Wintrust's subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date made and
Wintrust undertakes no duty to update the information.
CONTACT: Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Senior Executive Vice President & Chief
Operating Officer
(847) 615-4096
Web site address: www.wintrust.com
Wintrust Financial (NASDAQ:WTFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wintrust Financial (NASDAQ:WTFC)
Historical Stock Chart
From Jul 2023 to Jul 2024