Wintrust Mortgage announces the acquisition of mortgage banking assets of American Homestead Mortgage, expanding its presence...
February 15 2017 - 5:24PM
Wintrust Mortgage, a division of Barrington Bank & Trust
Company, N.A. announced that it acquired certain assets and assumed
certain liabilities of the mortgage banking business of American
Homestead Mortgage, LLC (“AHM”), a Montana Limited Liability
Company.
With more than 190 locations throughout the United
States, Wintrust Mortgage now expands its existing market presence
within Northern Montana, particularly in Flathead County and
surrounding areas.
Since inception in 1993, AHM has become one of the
leading home mortgage lenders in Montana’s Flathead Valley.
And, its mission has always been to make owning a home in the Big
Sky country a dream come true.
“We’ve been deeply rooted in and committed to
Montana,” said AHM Managing Member Mark Delorme Sr. “We focus on
helping to improve the lives of our clients and strengthening our
communities here through homeownership.”
Last year, AHM’s employees originated nearly $55
million in loan volume and all of their employees will transition
to Wintrust Mortgage.
“We’re excited to partner with a successful
organization that’s compatible with our own,” said Wintrust
Mortgage President & CEO David Hrobon. “AHM complements our own
customer-centric philosophies and family-oriented corporate
culture. This acquisition was a great opportunity to combine
resources to help better serve the communities we support.”
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 AHM assets is conditioned upon future
profitability. The transaction is not expected to have
a material effect on Wintrust’s 2017 earnings.
About Wintrust Mortgage Wintrust
Mortgage was created to assist in the realization of the American
dream of homeownership. The company’s large volume and ability to
lend in all 50 states make it one of the largest mortgage bankers
in the country. In 2016 alone, Wintrust Mortgage originated nearly
$5 billion in loans. The company has more than 190 locations across
the country. Wintrust Mortgage is a division of Barrington Bank
& Trust Company, N.A., NMLS# 449042, Member FDIC, a Wintrust
Community Bank, and is part of Wintrust Financial Corporation
(“Wintrust”) a diverse financial holding company with assets of
approximately $25 billion whose common stock is traded on the
NASDAQ Global Select Market. Wintrust Mortgage is an Equal Housing
Lender. For more information, visit the company website at
www.WintrustMortgage.com.
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.
For more information contact:
David Hrobon
President & CEO | Wintrust Mortgage
847-939-9360
dhrobon@wintrustmortgage.com
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