Wintrust Financial Explained

Wintrust Financial Corporation
Type:Public
Foundation:1991
Lake Forest, Illinois
Founder:Ed Wehmer
Location:Rosemont, Illinois
Key People:Tim Crane, CEO & President; David Dykstra, Vice Chairman & COO
Industry:Financial services
Products:Consumer Banking, Corporate Banking, Insurance, Investment Banking, Mortgage loans, Private Banking, Private Equity, Wealth Management, Credit Cards, Financial Analysis
Revenue: $ 2.21 billion
Revenue Year:2022
Net Income: $355,697 million
Net Income Year:2019
Assets: $ 52.95 billion
Assets Year:2022
Num Employees:5,057 FTE
Num Employees Year:2019
Rating:BBB+

Wintrust is a financial holding company in the United States that operates 15 chartered community banks in northern Illinois and southern Wisconsin.[1] Wintrust is a relatively medium-sized banking institution in the United States and it trades on the Nasdaq Global Select Market with stock symbol WTFC. Wintrust is the second largest banking company in Chicago.[2]

Services

The company provides traditional retail and commercial banking services, as well as wealth management services, commercial and life insurance premium financing, and certain treasury management services such as data processing of payrolls and billings.[3] In 2015 Wintrust began to expand into equipment financing, both directly through its bank branches and indirectly through dealers.[4]

History

Wintrust was founded by Ed Wehmer. Wintrust was among the recipients of capital from the United States government through the U.S. Treasury's Troubled Asset Relief Program.[5] The bank used the 2008 financial crisis to acquire small troubled banks in the Chicago area, backed by its pre-crisis capital supplemented by TARP funds. This positioned it to become one of the area's largest retail banks by eliminating costs and deepening its geographical footprint in the area.[6] Wintrust Financial continues to expand within its footprint area.[6] [7] [8] [9]

In 2018, Wintrust completed its acquisition of Veterans First Mortgage, a Utah-based corporation with approximately 400 employees.[10]

In May 2019, Wintrust acquired Rush-Oak Corporation, the parent company of Oak Bank, an Illinois state-chartered bank which had approximately $201 million in assets.[11] In October 2019, Wintrust acquired STC Bancshares Corp, the parent company of STC Capital Bank, an Illinois state-chartered bank with approximately $275 million in assets.[12]

In 2021, the Hinsdale Bank, a Wintrust Bank, opened the Oak Park Bank in what had been a restaurant space in a historic building.[13] [14] The Oak Park Bank built a second location, new facility, in the village.[15]

In 2022, Wintrust announced a deal to acquire the U.S. asset management arm of Rothschild & Co, which held around $8 billion in assets under management at the time.[16]

Community banks

Unlike most major U.S. banks, Wintrust's business strategy is to retain the identities of the community banks it acquires rather than rebranding them. However, each community bank uses the tagline, "A Wintrust Community Bank."[17] Wintrust's 15 chartered bank subsidiaries and their respective community banks are:[18]

Subsidiaries

Its major non-bank subsidiaries are:

Marketing

Wintrust is the official banking partner of the Chicago Cubs, which features sponsorship of the left-field Daktronics ProStar video board at Wrigley Field;[35] [36] the "W" in "Wintrust" flashes after every Cubs win, and is lit after wins, as part of the traditional win flag.

Wintrust has also partnered with the Chicago White Sox for the naming rights to club seats at Guaranteed Rate Field.

External links

NASDAQ:

Notes and References

  1. News: Macheel . Tanaya . June 7, 2015 . Wintrust Endeavors to Beat the Big Banks in Mobile. .
  2. News: Yerak . Becky . Wintrust Bank's Wehmer runs Chicago's second-biggest local bank, adviser to U.S. senator . October 3, 2011 . .
  3. Web site: Wintrust: Who We Are . Wintrust Financial .
  4. News: Neuffer . Phil . March 2016 . Explosive Success, Disciplined Approach: Wintrust's Swift Ascension . Monitor Daily .
  5. News: Six More Banks Repay TARP Funds . DEALBOOK . December 22, 2010 . The New York Times .
  6. Web site: Wintrust (WTFC) to Acquire North Bank in Illinois for $17M . Zacks Investment Research . 24 February 2016 . Zacks Investment Research.
  7. Web site: Lane . Ben . April 2, 2015 . Wintrust continues Chicago-area expansion. HousingWire .
  8. News: Wintrust completes buyout of another suburban Chicago bank . Pete . Joseph S. . July 20, 2015 . .
  9. News: Wintrust continues Wisconsin expansion with deal for Pewaukee's Foundations Bank . January 19, 2016 . David . Schuyler . .
  10. Web site: Wintrust Announces Closing of Previously Disclosed Veterans First Mortgage Acquisition.
  11. Web site: Wintrust Financial Corporation Announces the Closing of the Acquisition of Oak Bank . Wintrust Financial Corporation . May 24, 2019 .
  12. Web site: Wintrust Financial Corporation Announces the Closing of the Acquisition of STC Capital Bank.
  13. News: Will Winberie's become Wintrust Bank? . Stacey -. Sheridan . Wednesday Journal . September 23, 2020 . February 12, 2021 . April 19, 2023 .
  14. News: Hinsdale Bank granted variance to open branch in Oak Park's Hemingway District . Steve . Schering . November 2, 2020 . Oak Leaves . Chicago Tribune . April 19, 2023 .
  15. News: Hinsdale Bank plans second location at Madison/Ridgeland . Stacey . Sheridan . December 9, 2020 . February 11, 2021 . Wednesday Journal . April 19, 2023 .
  16. Web site: Wintrust to buy Rothschild's U.S. money management unit.
  17. News: September 22, 2011 . Barba . Robert . Wintrust Takes Steps So You'll Recognize Its Name . https://web.archive.org/web/20180319213908/https://www.highbeam.com/doc/1G1-267550010.html. dead. March 19, 2018. .
  18. Web site: Wintrust Community Banks. www.hinsdalebank.com. en-US. 2019-12-17.
  19. Web site: Welcome - Barrington Bank and Trust. www.barringtonbank.com.
  20. Web site: Welcome - Beverly Bank & Trust. www.thebeverlybank.com.
  21. Web site: Welcome - Crystal Lake Bank & Trust. www.crystallakebank.com.
  22. Web site: Our Community Banks . Hinsdale Bank . April 19, 2023.
  23. Web site: Welcome - Lake Forest Bank & Trust Company. www.lakeforestbank.com.
  24. Web site: Welcome - Libertyville Bank & Trust Company. www.libertyvillebank.com.
  25. Web site: Welcome - Northbrook Bank. www.northbrookbank.com.
  26. Web site: Welcome - Old Plank Trail Community Bank. www.oldplanktrailbank.com.
  27. Web site: Welcome - St. Charles Bank & Trust. www.bankstcharles.com.
  28. Web site: Welcome - Schaumburg Bank and Trust. www.bankschaumburg.com.
  29. Web site: Welcome - State Bank of the Lakes. www.sbotl.com.
  30. Web site: Welcome - Town Bank. www.townbank.us.
  31. Web site: Welcome - Village Bank & Trust. www.bankatvillage.com.
  32. Web site: Welcome - Wheaton Bank & Trust. www.wheatonbank.com.
  33. Web site: Home. www.wintrustbank.com.
  34. Web site: List of Wintrust Community Banks. Wintrust Financial .
  35. News: Wintrust Logo To Adorn Wrigley Field Video Board . 2014-12-03 . .
  36. Web site: White Sox Sell Naming Rights To Stadium Club Seats . 2014-02-05 . Crain's Chicago Business.

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