Wintrust Financial Corporation Completes Acquisition of Select Loans from GE Capital Franchise Finance
August 19 2016 - 4:19PM
Wintrust Financial Corporation (“Wintrust”) (Nasdaq:WTFC) announced
today that its subsidiary Lake Forest Bank and Trust Company has
completed its previously announced acquisition of select loans and
related relationships from GE Capital Franchise Finance. The loans
totaled $554 million at close, down from the previously announced
$581 million due to amortization and additional principal payments
related to normal course of business activity. The loans are to
franchise operators (primarily quick service restaurant concepts)
in the Midwest and in the Western portion of the United States.
Wintrust Franchise Finance exclusively serves
the needs of franchise operators and franchisors. It has been in
existence for 15 years and currently serves more than 100 clients
nationwide.
Edward J. Wehmer, President and CEO of Wintrust
said, “We are pleased to close this transaction to add not only the
loans, but to add a large number of meaningful relationships to our
existing franchise finance business. This is a business we know
well and we look forward to growing these relationships.”
GE announced a plan in April 2015 to focus on
its high-value industrial businesses and sell most GE Capital
assets not linked to GE’s core industrial businesses.
As previously announced, this transaction is
expected to be slightly accretive to Wintrust’s 2016 earnings per
share and accretive in 2017.
About Wintrust
Wintrust is a financial holding company with
assets of approximately $24 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 150 banking locations located in the greater
Chicago and southern Wisconsin 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 Information
This press release contains forward-looking
statements within the meaning of the federal securities laws
relating to the proposed acquisition and its integration with
Wintrust, the combination of their businesses and projected
revenue, as well as profitability and earnings outlook. 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 and any 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.
FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, President/CEO – Wintrust Financial Corporation, (847) 939-9000
David A. Dykstra, COO – Wintrust Financial Corporation, (847) 939-9000
Wintrust Website address: www.wintrust.com
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