Wintrust Financial Corporation Announces Cash Dividends and Share Repurchase Authorization
October 24 2019 - 4:10PM
Wintrust Financial Corporation (“Wintrust” or the “Company”)
(Nasdaq: WTFC) today announced that the Company’s Board of
Directors approved a quarterly cash dividend of $0.25 per share of
outstanding common stock. The dividend is payable on November
21, 2019 to shareholders of record as of November 7, 2019.
Additionally, the Company’s Board of Directors
approved quarterly cash dividends on outstanding shares of the
Company’s 6.50% Fixed-to-Floating Non-Cumulative Perpetual
Preferred Stock, Series D. The dividend is payable on January
15, 2020 to shareholders of record as of January 1, 2020.
Additionally, the Company’s Board of Directors
has authorized the Company to repurchase up to $125 million of its
outstanding shares of common stock. “Our decision to
authorize a share repurchase highlights our continuing confidence
in Wintrust’s long-term growth and our commitment to promote
long-term shareholder value,” said Edward J. Wehmer, the Company’s
President and Chief Executive Officer. He further stated, “The
authorization of the share repurchase will allow us to take
advantage of opportunities as may be presented by the equities
markets. We will continue to maintain the flexibility to
invest in our current business, take advantage of strategic
opportunities and pay dividends.” Wintrust may repurchase shares
from time to time for cash in open market transactions or in
privately negotiated transactions in accordance with applicable
federal securities laws. The timing and amount of any repurchases
will be determined by the Company’s management based on their
evaluation of market conditions, share price and other factors. The
share repurchase program may be suspended or discontinued at any
time.
About
Wintrust
Wintrust is a financial holding company with
assets of over $34 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 170 banking locations located in the
greater Chicago and southern Wisconsin market areas. Additionally,
Wintrust operates various non-bank business units including
business units which provide commercial and life insurance premium
financing in the United States, a premium finance company operating
in 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 and qualified
intermediary services for tax-deferred exchanges.
Forward-Looking
Information
This press release contains forward-looking
statements within the meaning of the federal securities laws.
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 most recent Annual Report on Form 10-K and in any of the
Company’s subsequent SEC filings. 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 & Chief Executive OfficerDavid A. Dykstra, Senior
Executive Vice President & Chief Operating Officer(847)
939-9000Website address: www.wintrust.com
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