Wintrust Financial Corporation Announces Closing of Canadian Acquisition
June 08 2012 - 5:08PM
Wintrust Financial Corporation (Wintrust) (Nasdaq:WTFC) today
announced the completion of its previously announced acquisition of
100% of the shares of Macquarie Premium Funding Inc., the Canadian
insurance premium funding unit of Australia-based Macquarie Group.
Wintrust conducted the acquisition through Lake Forest Bank &
Trust Company, its wholly-owned subsidiary. The acquisition allows
Wintrust to expand its premium finance business into the Canadian
marketplace. The business currently has approximately $220 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
J. Wehmer, President and CEO of Illinois-based Wintrust. "The
existing business has built a successful model over many years,
which made this an ideal acquisition for Wintrust. Macquarie has
served the Canadian market with first class service and has a
terrific operating culture, solid growth and profit potential, and
a dedicated management team. We are looking forward to continuing
this momentum with our new colleagues in Canada."
Wintrust has significant experience in the premium finance
business as the owner of 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 March 31, 2012, FIRST Insurance provided
insurance premium financing for commercial customers and life
insurance customers with outstanding balances of approximately $3.2
billion.
The terms of the transaction are not being disclosed.
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 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.
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: Edward J. Wehmer
President & Chief Executive Officer
David A. Dykstra
Senior Executive Vice President
& Chief Operating Officer
(847) 615-4096
www.wintrust.com
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