Wintrust Financial Corporation Supports Nearly 7,000 Applications in Latest Round of the Paycheck Protection Program
March 03 2021 - 9:00AM
Business Wire
Wins Seven Greenwich
Excellence Awards for Middle Market and Small Business
Banking
Wintrust Financial Corporation (“Wintrust” or “the Company”)
(Nasdaq: WTFC) announced today that it has received 6,973
applications for $1.27 billion in loans since it opened its
platform on January 11 to accept client submissions for the latest
round of the Paycheck Protection Program (PPP) from the U.S.
Treasury Department and Small Business Administration (SBA). Since
the SBA opened its portal for application submissions on January
19, Wintrust has received funding authorization from the SBA for
approximately 96 percent of its clients.
Historically, Wintrust ranks as one of the largest SBA lenders
in the communities served by its 15 community banks. For this
latest round of the PPP program, to date, Wintrust has received
more than $1.11 billion in loan requests from 6,030 small
businesses in Illinois. It has received $75.5 million in loan
requests from 639 small businesses in Wisconsin. An additional
$95.8 million in loan requests have been received from 304 small
business borrowers with operations in other states around the
country. The median loan size is currently approximately $57,000
demonstrating the relief provided by Wintrust community banks to
very small businesses. To date, Wintrust has funded $4.59 billion
in PPP loans since the beginning of the program in March 2020.
Edward J. Wehmer, Founder and Chief Executive Officer,
commented, “On December 27, the Consolidated Appropriations Act
became law mandating a third round of funding for the PPP program
as well as substantive changes to the PPP program. Again, our team
worked tirelessly to update our systems and with our communities to
make sure all eligible businesses could receive the new funds as
quickly as possible. We opened our portal for applications on
January 11 – a week ahead of the SBA’s portal opening – so we could
get our clients’ applications submitted in a timely fashion when
the SBA’s portal first opened on January 19. At the same time, we
were able to employ select branches as PPP Resource Centers for
technology access and program expertise in the communities with the
greatest need.”
Wintrust was recently honored to receive seven awards from
Greenwich Associates for excellence in banking – six in the middle
market category and one in the small business category. Greenwich
recognized Wintrust in the following middle market categories, both
within the Midwest region and nationally:
- Cash management (overall satisfaction).
- Likelihood to recommend.
- Overall satisfaction.
For more information on the Greenwich awards, please click
here.
Wehmer continued, “I want to extend my full appreciation to the
entire Wintrust team for their momentous efforts. We are honored to
be recognized by Greenwich for our efforts to serve our clients and
communities. These awards emphasize our resolute commitment to our
clients. Our PPP efforts are a prime example of the challenges the
team overcame and accomplishments they achieved to serve our
clients and communities.”
At this point, Wintrust is no longer accepting new PPP
applications through its online portal. However, Wintrust
encourages those who are eligible for this round of PPP, but have
waited to apply, to work directly with their local Wintrust banker
or to call their local branch to be connected to a banker. Smaller
organizations can also seek technical assistance with their PPP
applications at one of Wintrust’s PPP Resource Centers (click here
for bank locations and times). More information on PPP can be found
here.
Wehmer concluded, “Difficult times remain for many in our
communities. Like the two previous rounds of PPP funding, Wintrust
has made the businesses and communities hit the hardest by this
pandemic, including low-to-moderate income business and minority
communities, a focal point for our support. We join everyone in
hoping that we are seeing the light at the end of this tunnel. In
the meantime, we will continue to work to provide those who are
eligible with increased peace of mind. We will focus on those
businesses and communities that need our help the most.”
Additional and current information on the commercial banking
services that Wintrust and its affiliate charter banks offer can be
found here.
About Wintrust
Wintrust is a financial holding company with assets of over $45
billion whose common stock is traded on the NASDAQ Global Select
Market under the symbol WTFC. 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210303005262/en/
Edward J. Wehmer, Founder & Chief Executive Officer David A.
Dykstra, Vice Chairman & Chief Operating Officer (847) 939-9000
Website address: www.wintrust.com
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