Wintrust Mortgage Corporation Acquires Mortgage Banking Assets of River City Mortgage, LLC
April 13 2011 - 4:01PM
Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today
announced its subsidiary, Wintrust Mortgage Corporation, acquired
certain assets and assumed certain liabilities of the mortgage
banking business of River City Mortgage, LLC of Bloomington,
Minnesota.
Founded in 1994 by President Louis Olsen, River City Mortgage
developed a reputation as a leading provider of mortgage services
throughout the Minneapolis metropolitan area and the upper Midwest,
and is one of the largest independent mortgage lenders in
Minnesota. Currently licensed to originate loans in five states,
and with eight offices in Minnesota, Nebraska and North Dakota,
River City originated nearly $500 million in mortgage loans in
2010. Olsen is a past President of the Minnesota Brokers
Association and will assume the title of Senior Vice President at
Wintrust Mortgage.
"This addition provides Wintrust Mortgage with a great
opportunity to expand our presence throughout the Midwest and Great
Lakes region," said David Hrobon, President and CEO of Wintrust
Mortgage. "We look forward to working with Louis Olsen and his team
to continue to provide best in class mortgage lending service to
their customers."
TERMS OF THE TRANSACTION
The terms of this cash transaction are not being disclosed by
the parties; however, a significant portion of the purchase price
for the River City 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 MORTGAGE
Wintrust Mortgage was created to assist in the realization of
the American dream of home ownership. Since its founding in 1981,
Wintrust Mortgage has weathered the ever changing real estate
market. As a full service federally-chartered lender with offices
located across the country, Wintrust Mortgage is dedicated to
providing customers with a wide-range of mortgage products. To
complement the basic Conventional, FHA and VA Programs, Wintrust
Mortgage is positioned to meet the needs of the continually
evolving mortgage market. Wintrust Mortgage is a subsidiary of
Barrington Bank & Trust Company, N.A. a Wintrust Community
Bank.
ABOUT WINTRUST
Wintrust is a financial holding company with assets of $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.
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
Website address: www.wintrust.com
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