Wintrust Financial Corporation Announces the Acquisition of Mortgage Banking Assets of Surety Financial Services
October 01 2013 - 5:39PM
Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today
announced that its subsidiary, Barrington Bank &Trust Company,
N.A. through its division Wintrust Mortgage, acquired certain
assets and assumed certain liabilities of the mortgage banking
business of Surety Financial Services ("Surety") of Sherman Oaks,
California.
Surety has served southern California with an extensive
portfolio of residential real estate loan programs since its
founding in January 1994. Working closely with real estate agents,
relocation companies, builders, accountants, human resource
professionals, business managers and attorneys, Surety's loan
origination team delivers quality financing products for the
diverse needs of the southern California housing
market. Surety originated approximately $1.0 billion in
mortgage loans during the previous twelve months through its five
southern California offices. In addition, Ian Jack, Surety's
Chief Executive Officer and Keith Jacobs, Surety's President, will
join Wintrust Mortgage in senior officer positions and manage its
southern California mortgage operations.
"This transaction provides Wintrust Mortgage the opportunity to
expand into the desirable southern California market with a highly
regarded team of professionals," said David Hrobon, President and
CEO of Wintrust Mortgage. "We look forward to working with Ian
Jack and Keith Jacobs and their team to provide best in class
mortgage lending products and services."
Ian Jack, Chief Executive Officer of Surety, added, "We are
excited about joining forces with Wintrust Mortgage. This is a
great opportunity to partner with a successful organization that
has the financial capabilities to support the growth in California
and is like-minded in its approach to offering customer-oriented
mortgage banking services."
Terms of the Transaction
The terms of the transaction are not being disclosed by the
parties; however, a significant portion of the purchase price for
the Surety assets is conditioned upon future
profitability. The transaction is not expected to have
a material effect on Wintrust's 2013 earnings.
About Wintrust
Wintrust is a financial holding company with assets of
approximately $18 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 115 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 and Canada, 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.
Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the federal securities laws. Wintrust's expected
financial results or other plans are subject to a number of risks
and uncertainties. Investors are cautioned that such
statements are predictions and actual events or results may differ
materially. 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 Report 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 and CEO
Wintrust Financial Corporation, (847) 939-9000
David A. Dykstra, Senior EVP and COO
Wintrust Financial Corporation, (847) 939-9000
Wintrust Website address: www.wintrust.com
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