Wintrust Mortgage Corporation Acquires Certain Mortgage Banking Assets Of Woodfield Planning Corporation
LAKE FOREST, Ill., Feb. 3, 2011 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust" or "the Company") (Nasdaq:WTFC) announced the acquisition of certain assets and the assumption of certain liabilities of the mortgage banking business of Woodfield Planning Corporation of Rolling Meadows, Illinois.
With offices in Rolling Meadows, Illinois and Crystal Lake, Illinois, Woodfield Planning originated approximately $180 million in mortgage loans in 2010.
"Founded in 1982 by President Jim Dobbs, Woodfield Planning developed a reputation as an honest provider of financial services throughout the Chicagoland area. The professionals from Woodfield Planning who are joining us make a strong addition to the Wintrust Mortgage team," said David Hrobon, President & CEO of Wintrust Mortgage. "Jim and his team bring a reputation of stability, experience and professionalism to the organization, with each team member averaging more than ten years' experience with Woodfield Planning.""Joining Wintrust just made sense for us," observed Dobbs. "Their focus on community and family, their greater financial strength and commitment to the customer fit perfectly with our philosophy." Jim Dobbs will assume the title of Senior Vice President at Wintrust Mortgage. A significant portion of the purchase price for the Woodfield Planning Corporation 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 Wintrust is a financial holding company with assets of approximately $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.
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