Wintrust Financial Corporation Announces Closing of Canadian Acquisitions
April 28 2014 - 6:16PM
Wintrust Financial Corporation (Wintrust) (Nasdaq:WTFC) today
announced the acquisition of 100% of the shares of each of Policy
Billing Services Inc. and Equity Premium Finance Inc., two
affiliated Canadian insurance premium funding and payment services
companies. Wintrust conducted the acquisition through its
subsidiary, First Insurance Funding of Canada Inc. The acquisition
allows Wintrust to expand its Canadian premium finance business and
product offerings.
Equity Premium Finance Inc. provides its broker network with a
traditional premium financing solution while Policy Billing
Services Inc. generates revenue as a provider of payment solutions
to the insurance broker and agent channel. Payment processing
services provided by Policy Billing Services Inc. include monthly
premium financing, back office management for in-house premium
finance as well as credit card payment solutions.
Edward J. Wehmer, President and CEO of Illinois-based Wintrust
said. "These two companies have established a great distribution
channel to insurance brokers and agents in the Canadian marketplace
by using proprietary software to provide brokers and agents with
expanded payment solutions for their customers. Combining their
operations and committed staff with our dedicated team in Canada
will allow us to accelerate our expansion in the Canadian premium
finance market. Policy Billing Services and Equity Premium Finance
founder, Stuart Bruce, and his experienced management team have
served the Canadian market with first class service. We are looking
forward to continuing our momentum with our new colleagues in
Canada."
"We are excited about combining resources with Wintrust," said
Stuart Bruce, founder of Policy Billing Services and Equity Premium
Finance. "By combining the premium finance and broker lending
capabilities of First Insurance Funding with the payment services
of Policy Bill, we are well placed to provide the insurance market
with a highly efficient solution. We clearly see benefits for our
customers and employees, and we look forward to joining the
Wintrust family."
Wintrust, through its subsidiaries, has significant experience
in the premium finance business as one of the largest insurance
premium finance companies operating in the United States and
Canada. As of March 31, 2014, Wintrust's premium finance
subsidiaries provided insurance premium financing for commercial
and life insurance customers with outstanding balances of
approximately $4.1 billion.
The terms of the transaction are not being disclosed.
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 120 banking locations located in the greater
Chicago and Milwaukee market areas. Additionally, the Company
operates various non-bank business units 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, a business unit 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 Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws relating to the proposed
acquisitions of Policy Billing Services Inc. and Equity Premium
Finance Inc. and integration of such companies with Wintrust.
Investors are cautioned that such statements are predictions and
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: FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Senior Executive Vice President
& Chief Operating Officer
(847) 939-9000
www.wintrust.com
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