ROSEMONT, III., November 01, 2021 (GLOBE NEWSLETTER) – Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) and its wholly-owned subsidiary, Lake Forest Bank & Trust Company, NA, announced today that they have agreed to purchase approximately $ 570 million loans from The Allstate Company (NYSE: ALL). The portfolio includes approximately 1,800 Allstate agent loans nationwide, which agents use to establish and grow their businesses, as well as to meet other working capital needs.
In addition to acquiring the loans, Wintrust agreed to become Allstate’s preferred national agent loan provider. Allstate agents will benefit from extensive loan options and services through Wintrust and be supported by its award-winning loan services. A team of agency loan specialists from Allstate will join the Wintrust team to augment and expand Wintrust’s existing insurance agency finance business.
The transaction is expected to close within November 2021.
Edward J. Wehmer, Founder and CEO of Wintrust, said: “Wintrust is delighted to be working with Allstate to acquire agency loans and looks forward to serving Allstate’s agents in the future. This portfolio and the accompanying continuing opportunity fit seamlessly into our existing insurance finance business. It is also an example of two great Chicago companies that come together to meet the needs of their stakeholders.
In addition to the traditional agency term loan and revolving credit financing, Wintrust will be able to offer SBA and real estate financing, as well as other banking services to Allstate agents, including wealth management services. and mortgages. Allstate agents will also have access to Wintrust digital banking services.
“Wintrust’s strong market position and tailored lending solutions for small businesses provide Allstate agents with an excellent range of financial options,” said Terrance williams, executive vice president and general manager of distribution for the Allstate agency. “We will work closely with Wintrust to ensure an exceptional experience for those interested in new loan products and services. “
Wintrust is a recognized national leader in insurance financing through its FIRST Insurance Financing and the premium financing insurance activities of Wintrust Life Finance, as well as its agency lending activities, collectively contributing to outstanding loans exceeding 10 billion dollars from September 30, 2021.
Terms of the transaction were not disclosed.
Wintrust is a financial holding company with assets of approximately 48 billion dollars whose common shares are traded on the NASDAQ Global Select Market. Built on the “HAVE IT ALL” model, Wintrust offers the sophisticated technology and resources of a large bank while focusing on providing service-based community banking to every customer. Wintrust operates fifteen branches of community banks, with more than 170 banking locations located in the greater Chicago and from the south Wisconsin market areas. In addition, Wintrust operates various non-bank business units, including business units that provide commercial and life insurance premium finance in United States, a premium finance company operating in Canada, a company that provides short-term accounts receivable financing and value-added outsourced administrative services to the temporary staffing services industry, a business unit that primarily deals with the creation and procurement of residential mortgages for sale in the secondary market throughout United States, and companies providing wealth management services and qualified intermediary services for tax-deferred transactions.
This press release contains forward-looking statements within the meaning of federal securities laws. Investors are cautioned that these statements are predictions and that actual events or results may differ materially. The financial results or other plans expected from Wintrust are subject to a number of risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see “Risk Factors” and the disclosure of forward-looking statements contained in Wintrust’s annual report on Form 10 -K for the last closed financial year and in subsequent quarterly reports from Wintrust on form 10-Q. Forward-forward-looking statements are only valid as of the date of their publication and Wintrust assumes no obligation to update the information.
FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, Founder & Chief Executive Officer, Wintrust Financial Corporation
David A. Dykstra, Vice Chairman & Chief Operating Officer, Wintrust Financial Corporation
Website address: www.wintrust.com
Nick Nottoli, Allstate Media Relations
Source: Wintrust Financial Corporation