LAKE FOREST, Ill., April 13, 2011 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq:WTFC) today announced its subsidiary, Wintrust Mortgage Corporation, acquired certain assets and assumed certain liabilities of the mortgage banking business of River City Mortgage, LLC of Bloomington, Minnesota.
Founded in 1994 by President Louis Olsen, River City Mortgage developed a reputation as a leading provider of mortgage services throughout the Minneapolis metropolitan area and the upper Midwest, and is one of the largest independent mortgage lenders in Minnesota. Currently licensed to originate loans in five states, and with eight offices in Minnesota, Nebraska and North Dakota, River City originated nearly $500 million in mortgage loans in 2010. Olsen is a past President of the Minnesota Brokers Association and will assume the title of Senior Vice President at Wintrust Mortgage.
"This addition provides Wintrust Mortgage with a great opportunity to expand our presence throughout the Midwest and Great Lakes region," said David Hrobon, President and CEO of Wintrust Mortgage. "We look forward to working with Louis Olsen and his team to continue to provide best in class mortgage lending service to their customers."
TERMS OF THE TRANSACTION
The terms of this cash transaction are not being disclosed by the parties; however, a significant portion of the purchase price for the River City assets is conditioned upon certain future profitability measures. The transaction is not expected to have a material effect on Wintrust's 2011 earnings per share.
ABOUT WINTRUST MORTGAGE
Wintrust Mortgage was created to assist in the realization of the American dream of home ownership. Since its founding in 1981, Wintrust Mortgage has weathered the ever changing real estate market. As a full service federally-chartered lender with offices located across the country, Wintrust Mortgage is dedicated to providing customers with a wide-range of mortgage products. To complement the basic Conventional, FHA and VA Programs, Wintrust Mortgage is positioned to meet the needs of the continually evolving mortgage market. Wintrust Mortgage is a subsidiary of Barrington Bank & Trust Company, N.A. a Wintrust Community Bank.
Wintrust is a financial holding company with assets of $14 billion whose common stock is traded on the Nasdaq Global Select Market (Nasdaq:WTFC). Wintrust operates fifteen community bank subsidiaries that are located in the greater Chicago and Milwaukee market areas. Additionally, the Company operates various non-bank subsidiaries including one of the largest commercial insurance premium finance companies operating in the United States, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, companies 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 including broker-dealer, money management services, advisory services, and trust and estate services. Currently, Wintrust operates more than 85 banking offices.
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that 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 Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.
CONTACT: Edward J. Wehmer, President & Chief Executive Officer David A. Dykstra, Senior Executive Vice President & Chief Operating Officer (847) 615-4096 Website address: www.wintrust.com
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