Wintrust Financial Corporation Announces Expansion Plans for Canada
February 14 2012 - 6:00PM
Wintrust Financial Corporation (Wintrust) (Nasdaq:WTFC) today
announced plans to expand its premium finance business into the
Canadian marketplace by entering into an agreement, through its
wholly-owned subsidiary Lake Forest Bank & Trust Company, to
purchase Macquarie Premium Finance Inc., the Canadian insurance
premium funding unit of Macquarie Group. The business to be
acquired originates approximately $600 million of premium finance
receivables on an annual basis and currently has approximately $230
million of premium finance receivables outstanding.
"Canada is fertile ground for insurance premium funding services
and we have sought to enter the market for some time," said Edward
Wehmer, President and CEO of Illinois-based Wintrust. "The existing
business has built a successful model over many years, which makes
this an ideal acquisition for Wintrust. We are looking forward
to continuing this momentum with our new colleagues in
Canada. Macquarie's premium funding unit serves the Canadian
market with first class service and has a terrific operating
culture, solid growth and profit potential, and a dedicated
management team."
Wintrust operates FIRST Insurance Funding Corp. (FIRST
Insurance), one of the largest insurance premium finance companies
operating in the United States, serving loan customers throughout
the country. As of December 31, 2011, FIRST Insurance provided
insurance premium financing for commercial customers and life
insurance customers with outstanding balances of approximately $3.1
billion.
The terms of the transaction are not being disclosed. The
transaction is expected to be completed late in the first quarter
or early in the second quarter of 2012, subject to regulatory
approval and certain closing conditions.
About Wintrust
Wintrust is a financial holding company with assets of
approximately $16 billion whose common stock is traded on the
NASDAQ Global Select Market. Built on the "HAVE IT ALL" model,
Wintrust offers sophisticated technology and resources of a large
bank while focusing on providing service-based community banking to
each and every customer. Wintrust operates fifteen community
bank subsidiaries, with over 100 banking locations 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 in the origination of residential mortgages for sale into
the secondary market throughout the United States, and companies
providing wealth management services.
About Macquarie
Macquarie Group (Macquarie) is a global provider of banking,
financial, advisory, investment and funds management services.
Founded in 1969, Macquarie employs more than 15,000 people in over
28 countries. At September 30, 2011, Macquarie had assets under
management of $332 billion.
Macquarie has had a permanent and growing presence in Canada
since opening its first office in 1998. With regional headquarters
in Toronto, Macquarie employs approximately 1,000 people in Canada
through 14 offices across the country.
Wintrust Forward Looking Statements
This news 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 year ended December 31, 2011 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: WINTRUST 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
MACQUARIE CONTACT
Aaron E. Boles, Vice President, Communications
(416) 687-1243
aaron.boles@macquarie.com
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