Wintrust Financial Corporation Working Tirelessly To Support Strong Community Interest in the Paycheck Protection Program
April 10 2020 - 4:42PM
Wintrust Financial Corporation (“Wintrust” or “the Company”)
(Nasdaq: WTFC) announced today that it has received more than $3.1
billion in loan inquiries from more than 7,700 small businesses
since it opened its platform on April 3 to accept client
submissions for the Paycheck Protection Program (PPP) from the U.S.
Treasury Department and Small Business Administration (SBA).
Edward J. Wehmer, Founder and Chief Executive
Officer, commented, “On March 27, the Coronavirus Aid, Relief, and
Economic Security (CARES) Act became law and banks were directed to
prepare for the launch of the PPP program. In less than a week,
Wintrust created an entire customer-facing loan inquiry system and
a new underwriting process to meet small businesses’ needs and the
government’s desire to begin accepting inquiries on April 3. What
our team has accomplished in just a few days is truly remarkable
and I believe it is proof-positive of our unwavering commitment to
our communities.”
Wehmer continued, “I have never been prouder of
Wintrust and its employees than I am now. Our clients have put
their trust in us as their community bank. We are working as
hard as we can so that our clients can sleep better at night,
knowing that they can continue to pay their employees, who in turn
can pay their bills and feed their families. We are honored
to be part of the solution to the complex problems faced by our
clients during the COVID-19 pandemic. And we will continue to
answer their call throughout this crisis and into the eventual
recovery.”
Richard B. Murphy, Vice Chairman-Lending,
stated, “As one of the largest SBA lenders in Illinois, we know
that we are uniquely qualified to help small business customers
navigate through this program. Since we opened the platform on the
evening of April 3, we have received more than $3.1 billion in loan
inquiries to administer and process. Our platform has worked as
designed. We have trained hundreds of our bankers on the program
and they are working tirelessly to process the inquiries. We also
have quick response teams dedicated solely to this program to
troubleshoot any issues around our network. Notably, over 50%
of the number of PPP inquiries so far are for loans of less than
$100,000, meaning that our participation in the PPP program will
truly get vitally needed funds to many small businesses, fulfilling
the spirit of this CARES Act program.”
At this point, Wintrust is processing the
tremendous volume of inquiries that it has received and awaiting
guidance from the SBA regarding required loan documentation, after
which Wintrust can commence closing and funding loans.
Wintrust will continue to take inquiries as capacity allows and
customers should monitor its website for updated information.
Wehmer concluded, “Outside of the PPP program,
our employees have been hard at work fielding questions and
concerns and offering products and services that are helpful in the
current environment. We have modified our service at our 187
branches to help keep everyone safe, providing access through our
drive-up windows and by appointment for services that cannot be
completed at the drive-up windows. Our commercial bankers have been
counseling businesses about all of the resources available to them
during this period. Wintrust Mortgage also has been
extraordinarily busy helping its clients given the historically low
interest rates, both telephonically and by accessing our online
mortgage solution at ZOOM.WintrustMortgage.com.”
For additional and current information on how
Wintrust and its affiliate charter banks are responding to the
coronavirus click here.
About WintrustWintrust is a
financial holding company with assets of over $36 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
180 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 InformationThis
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, Founder &
Chief Executive OfficerDavid A. Dykstra, Vice Chairman & Chief
Operating Officer(847) 939-9000Web site address:
www.wintrust.com
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