Wintrust Financial Corporation Fully Redeems Its Preferred Stock From The U.S. Treasury

LAKE FOREST, Ill., Dec. 22, 2010 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust" or the "Company") (Nasdaq:WTFC) announced today that it repurchased all 250,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the "Preferred Stock"), which it issued to the U.S. Department of Treasury (the "Treasury") under the TARP Capital Purchase Program. The Preferred Stock was repurchased at a price of $251,284,722, which includes accrued and unpaid dividends of $1,284,722. The repurchase of the Preferred Stock will result in a one-time, non-cash charge that will reduce net income applicable to common shares in the fourth quarter of 2010 by approximately $11.4 million. This amount represents the difference between the repurchase price and the carrying amount of the Preferred Stock, or the accelerated accretion of the applicable discount on the preferred shares.

Edward J. Wehmer, President and Chief Executive Officer, said, "We believe that the repurchase of the Preferred Stock is in the best long-term interest of our shareholders. Wintrust, as one of the healthy banks who were recipients of TARP funds under the CPP, helped fulfill the program's goal of continuing to lend in an unstable economic environment." Mr. Wehmer went on to say that, "we are proud that we have actively supported our clients throughout the recent economic downturn by helping them to grow and stimulate the local economy. Since the Company entered the CPP in December 2008, total assets have grown by approximately 35% and we have made new and renewed loans to thousands of borrowers in excess of $18 billion. We believe that our financial condition allows us to repay the Treasury and remain well positioned to continue lending in the communities we serve. The repurchase of the Preferred Stock should provide a clear message to our shareholders and customers that we are a sound institution with the financial flexibility to take advantage of growth opportunities in our markets."