Wintrust Financial Corporation Supports Nearly 7,000 Applications in Latest Round of the Paycheck Protection Program
March 03 2021 - 9:00AM
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 WintrustWintrust 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 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 Officer David A. Dykstra, Vice
Chairman & Chief Operating Officer (847) 939-9000 Web site
address: www.wintrust.com
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