ROSEMONT, Ill., Oct. 1, 2013 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq: WTFC) today announced that its subsidiary, Barrington Bank &Trust Company, N.A. through its division Wintrust Mortgage, acquired certain assets and assumed certain liabilities of the mortgage banking business of Surety Financial Services ("Surety") of Sherman Oaks, California.
Surety has served southern California with an extensive portfolio of residential real estate loan programs since its founding in January 1994. Working closely with real estate agents, relocation companies, builders, accountants, human resource professionals, business managers and attorneys, Surety's loan origination team delivers quality financing products for the diverse needs of the southern California housing market.
Surety originated approximately $1.0 billion in mortgage loans during the previous twelve months through its five southern California offices. In addition, Ian Jack, Surety's Chief Executive Officer and Keith Jacobs, Surety's President, will join Wintrust Mortgage in senior officer positions and manage its southern California mortgage operations.
"This transaction provides Wintrust Mortgage the opportunity to expand into the desirable southern California market with a highly regarded team of professionals," said David Hrobon, President and CEO of Wintrust Mortgage.
"We look forward to working with Ian Jack and Keith Jacobs and their team to provide best in class mortgage lending products and services."
Ian Jack, Chief Executive Officer of Surety, added, "We are excited about joining forces with Wintrust Mortgage. This is a great opportunity to partner with a successful organization that has the financial capabilities to support the growth in California and is like-minded in its approach to offering customer-oriented mortgage banking services."
The terms of the transaction are not being disclosed by the parties; however, a significant portion of the purchase price for the Surety assets is conditioned upon future profitability. The transaction is not expected to have a material effect on Wintrust's 2013 earnings.
Wintrust is a financial holding company with assets of approximately $18 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer.
Wintrust operates fifteen community bank subsidiaries, with over 115 banking locations 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 and Canada, 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.
This press release contains forward-looking statements within the meaning of the federal securities laws. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. Investors are cautioned that such statements are predictions and actual events or results may differ materially. 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 and in Wintrust's subsequent Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.
Source: Wintrust Financial Corporation. Wintrust Mortgage is a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank. Wintrust NMLS #449042.