Wintrust Financial
{{Short description|American Financial Holding Company}}
{{Infobox company
| name = Wintrust Financial Corporation
| logo = Wintrust Financial logo.svg
| type = Public
| traded_as = {{Unbulleted list|{{NASDAQ|WTFC}}|S&P 400 component}}
| 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 = {{increase}} $ 2.16 billion (fiscal year ended 31 December 2023)
| net_income = {{increase}} $622.63 million (fiscal year ended 31 December 2023)
| assets = {{increase}} $ 56.26 billion (fiscal year ended 31 December 2023)
| num_employees = 5,521 FTE (fiscal year ended 31 December 2023)
| rating = BBB+ {{!}} Fitch (as of 31 December 2023)
| homepage = {{URL|wintrust.com}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1015328/000101532824000083/wtfc-20231231.htm | title=WinTrust Financial Corporation 2023 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
}}
Wintrust is a financial holding company in the United States that operates 15 chartered community banks in northern Illinois and southern Wisconsin.{{cite news |last1=Macheel |first1= Tanaya |date=June 7, 2015 |url=http://www.americanbanker.com/news/bank-technology/wintrust-endeavors-to-beat-the-big-banks-in-mobile-1074738-1.html |title=Wintrust Endeavors to Beat the Big Banks in Mobile|newspaper=American Banker }} Wintrust is usually classified as a 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.{{cite news |last1=Yerak |first1=Becky |url=http://articles.chicagotribune.com/2011-10-03/business/ct-biz-1002-executive-profile-wehmer-20111003_1_lake-forest-bank-bank-failures-second-biggest-bank |archive-url=https://web.archive.org/web/20111023060916/http://articles.chicagotribune.com/2011-10-03/business/ct-biz-1002-executive-profile-wehmer-20111003_1_lake-forest-bank-bank-failures-second-biggest-bank |url-status=dead |archive-date=October 23, 2011 |date=October 3, 2011 |title=Wintrust Bank's Wehmer runs Chicago's second-biggest local bank, adviser to U.S. senator |newspaper=Chicago Tribune }}
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.{{cite web |url=http://www.wintrust.com/about-wintrust/who-we-are |title=Wintrust: Who We Are |publisher=Wintrust Financial }} In 2015 Wintrust began to expand into equipment financing, both directly through its bank branches and indirectly through dealers.{{cite news |last1=Neuffer |first1= Phil |date=March 2016 |url=http://www.monitordaily.com/article-posts/explosive-success-disciplined-approach-wintrusts-swift-ascension/ |title=Explosive Success, Disciplined Approach: Wintrust's Swift Ascension |newspaper=Monitor Daily }}
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.{{cite news |url=https://dealbook.nytimes.com/2010/12/22/six-more-banks-repay-tarp-funds/?ref=topics&_r=0 |title=Six More Banks Repay TARP Funds |author=DEALBOOK |date=December 22, 2010 |work=The New York Times }} 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.{{cite web|url=http://www.zacks.com/stock/news/169452/wintrust-wtfc-to-acquire-north-bank-in-illinois-for-17m |title=Wintrust (WTFC) to Acquire North Bank in Illinois for $17M |author=Zacks Investment Research |date=24 February 2016 |work=Zacks Investment Research}} Wintrust Financial continues to expand within its footprint area.{{cite web |last1=Lane |first1=Ben |date=April 2, 2015 |url=http://www.housingwire.com/articles/33441-wintrust-continues-chicago-area-expansion|title=Wintrust continues Chicago-area expansion|publisher=HousingWire }}{{cite news |url=http://www.nwitimes.com/business/local/wintrust-completes-buyout-of-another-suburban-chicago-bank/article_d276f393-3489-55c6-af33-0350baf75904.html |last1=Pete |first1=Joseph S. |date=July 20, 2015 |title=Wintrust completes buyout of another suburban Chicago bank |newspaper=Northwest Indiana Times }}{{cite news |url=http://www.bizjournals.com/milwaukee/news/2016/01/19/wintrust-continues-wisconsin-expansion-with-deal.html |date=January 19, 2016 |title=Wintrust continues Wisconsin expansion with deal for Pewaukee's Foundations Bank |first1=David |last1=Schuyler |newspaper=Milwaukee Business Journal }}
In 2018, Wintrust completed its acquisition of Veterans First Mortgage, a Utah-based corporation with approximately 400 employees.{{cite web|title=Wintrust Announces Closing of Previously Disclosed Veterans First Mortgage Acquisition|url=https://ir.wintrust.com/investor-news-events/press-releases/news-details/2018/Wintrust-Announces-Closing-of-Previously-Disclosed-Veterans-First-Mortgage-Acquisition/default.aspx}}
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.{{cite web |title=Wintrust Financial Corporation Announces the Closing of the Acquisition of Oak Bank |work=Wintrust Financial Corporation |url=https://ir.wintrust.com/investor-news-events/press-releases/news-details/2019/Wintrust-Financial-Corporation-Announces-the-Closing-of-the-Acquisition-of-Oak-Bank/default.aspx |date=May 24, 2019 }} 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.{{cite web|url=https://www.globenewswire.com/news-release/2019/10/07/1926108/0/en/Wintrust-Financial-Corporation-Announces-the-Closing-of-the-Acquisition-of-STC-Capital-Bank.html|title=Wintrust Financial Corporation Announces the Closing of the Acquisition of STC Capital Bank}}
In 2021, the Hinsdale Bank, a Wintrust Bank, opened the Oak Park Bank in what had been a restaurant space in a historic building.{{cite news |url=https://www.oakpark.com/2020/09/23/will-winberies-become-wintrust-bank/ |title=Will Winberie's become Wintrust Bank? |first=Stacey -|last=Sheridan |work=Wednesday Journal |orig-year=September 23, 2020 |date=February 12, 2021 |access-date=April 19, 2023 }}{{cite news |url=https://www.chicagotribune.com/suburbs/oak-park/ct-oak-park-hinsdale-bank-tl-1105-20201102-xz5fw7lj7nbmnijkxpcvbntaua-story.html |title=Hinsdale Bank granted variance to open branch in Oak Park's Hemingway District |first= Steve |last=Schering |date=November 2, 2020 |department=Oak Leaves |work=Chicago Tribune |access-date=April 19, 2023 }} The Oak Park Bank built a second location, new facility, in the village.{{cite news |url=https://www.oakpark.com/2020/12/09/hinsdale-bank-plans-second-location-at-madison-ridgeland/ |title=Hinsdale Bank plans second location at Madison/Ridgeland |first=Stacey |last=Sheridan |orig-year=December 9, 2020 |date=February 11, 2021 |work=Wednesday Journal |access-date=April 19, 2023 }}
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.{{cite web |title=Wintrust to buy Rothschild's U.S. money management unit|url=https://www.chicagobusiness.com/finance-banking/wintrust-buy-rothschilds-us-money-management-unit}}
On August 1, 2024, it was announced that Wintrust had completed the merger of its operations with Macatawa Bank Corporation, a company based in Holland, Michigan.{{Cite web|url=https://www.globenewswire.com/news-release/2024/08/01/2922794/11955/en/Wintrust-Financial-Corporation-Completes-Its-Merger-With-Macatawa-Bank-Corporation.html|title=Wintrust Financial Corporation Completes Its Merger With Macatawa Bank Corporation|work=GlobeNewswire|access-date=2024-11-05|language=en}}
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."{{cite news |date=September 22, 2011 |last=Barba |first=Robert |url=https://www.highbeam.com/doc/1G1-267550010.html|archive-url=https://web.archive.org/web/20180319213908/https://www.highbeam.com/doc/1G1-267550010.html|url-status=dead|archive-date=March 19, 2018|title=Wintrust Takes Steps So You'll Recognize Its Name |publisher=American Banker }} Wintrust's 15 chartered bank subsidiaries and their respective community banks are:{{Cite web|url=https://www.hinsdalebank.com/about-your-bank/connect-with-us/findus/banks.html|title=Wintrust Community Banks|website=www.hinsdalebank.com|language=en-US|access-date=2019-12-17}}
- Barrington Bank & Trust Company, N.A.{{cite web|url=http://www.barringtonbank.com/|title=Welcome - Barrington Bank and Trust|website=www.barringtonbank.com}} (Hanover Park Community Bank, Hoffman Estates Community Bank, and Palatine Bank & Trust)
- Beverly Bank & Trust Company, N.A.{{cite web|url=http://www.thebeverlybank.com/|title=Welcome - Beverly Bank & Trust|website=www.thebeverlybank.com}} (Brighton Park Community Bank, First National Bank of Evergreen Park, Hyde Park Bank, Oak Lawn Bank & Trust, and Pullman Bank & Trust)
- Crystal Lake Bank & Trust Company, N.A.{{cite web|url=http://www.crystallakebank.com/|title=Welcome - Crystal Lake Bank & Trust|website=www.crystallakebank.com}} (Algonquin Bank & Trust, Cary Bank & Trust, McHenry Bank & Trust)
- Hinsdale Bank & Trust Company, N.A.{{cite web |url=https://www.hinsdalebank.com/about-your-bank/connect-with-us/findus/banks.html |title=Our Community Banks |work=Hinsdale Bank |access-date=April 19, 2023}} (Clarendon Hills Bank, Community Bank of Downers Grove, The Community Bank of Western Springs, Community Bank of Willowbrook, Lemont Bank & Trust, Oak Park Bank, Proviso Community Bank, Riverside Bank, and Suburban Bank & Trust)
- Lake Forest Bank & Trust Company, N.A.{{cite web|url=http://www.lakeforestbank.com/|title=Welcome - Lake Forest Bank & Trust Company|website=www.lakeforestbank.com}} (Bank of Highwood-Fort Sheridan, Highland Park Bank & Trust, North Chicago Community Bank, Waukegan Community Bank, and Wintrust Banking Center)
- Libertyville Bank & Trust Company, N.A.{{cite web|url=http://www.libertyvillebank.com/|title=Welcome - Libertyville Bank & Trust Company|website=www.libertyvillebank.com}} (Gurnee Community Bank, Mundelein Community Bank, Vernon Hills Bank & Trust, and Wauconda Community Bank)
- Northbrook Bank & Trust Company, N.A.{{cite web|url=http://www.northbrookbank.com/|title=Welcome - Northbrook Bank|website=www.northbrookbank.com}}(Buffalo Grove Bank & Trust, Deerfield Bank & Trust, Des Plaines Bank & Trust, Glenview Bank & Trust, and Northview Bank & Trust)
- Old Plank Trail Community Bank, N.A. (New Lenox){{cite web|url=http://www.oldplanktrailbank.com/|title=Welcome - Old Plank Trail Community Bank|website=www.oldplanktrailbank.com}} (Dyer Bank & Trust, First National Bank of Illinois, Joliet Bank & Trust, Markham Bank & Trust, Orland Park Bank & Trust, Shorewood Bank & Trust, South Holland Bank & Trust)
- St. Charles Bank & Trust Company, N.A.{{cite web|url=http://www.bankstcharles.com/|title=Welcome - St. Charles Bank & Trust|website=www.bankstcharles.com}} (Aurora Bank & Trust, Elgin State Bank, and Geneva Bank & Trust)
- Schaumburg Bank & Trust Company, N.A.{{cite web|url=http://www.bankschaumburg.com/|title=Welcome - Schaumburg Bank and Trust|website=www.bankschaumburg.com}} (Addison Bank & Trust, Bloomingdale Bank & Trust, Elk Grove Village Bank & Trust, Roselle Bank & Trust, and Wood Dale Bank & Trust)
- State Bank of the Lakes, N.A.{{cite web|url=http://www.sbotl.com/|title=Welcome - State Bank of the Lakes|website=www.sbotl.com}}
- Town Bank, N.A.{{cite web|url=http://www.townbank.us/|title=Welcome - Town Bank|website=www.townbank.us}}
- Village Bank & Trust, N.A.{{cite web|url=http://www.bankatvillage.com/|title=Welcome - Village Bank & Trust|website=www.bankatvillage.com}}
- Wheaton Bank & Trust Company, N.A.{{cite web|url=http://www.wheatonbank.com/|title=Welcome - Wheaton Bank & Trust|website=www.wheatonbank.com}} (Bolingbrook Bank & Trust, Glen Ellyn Bank & Trust and Naperville Bank & Trust)
- Wintrust Bank, N.A.{{cite web|url=http://www.wintrustbank.com/|title=Home|website=www.wintrustbank.com}} (Evanston Community Bank & Trust and North Shore Community Bank & Trust{{cite web|url=http://www.wintrust.com/node/133|title=List of Wintrust Community Banks|publisher=Wintrust Financial }}
Subsidiaries
Its major non-bank subsidiaries are:
- Great Lakes Advisors, LLC
- The Chicago Trust Company
- First Insurance Funding
- Tricom, Inc.
- Wintrust Investments, LLC
- Wintrust Information Technology Services Company
- Wintrust Mortgage – a division of Barrington Bank & Trust Company N.A.
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;{{cite news |url=http://www.chicagobusiness.com/article/20141203/BLOGS04/141209893/wintrust-logo-to-adorn-wrigley-field-video-board |date=2014-12-03 |title=Wintrust Logo To Adorn Wrigley Field Video Board |newspaper=Crain's Chicago Business }}{{cite web|url=http://www.chicagobusiness.com/article/20140205/BLOGS04/140209882/white-sox-sell-naming-rights-to-stadium-club-seats |date=2014-02-05 |title=White Sox Sell Naming Rights To Stadium Club Seats |publisher=Crain's Chicago Business}} 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 Rate Field.
References
{{Reflist}}
External links
- {{Official|http://www.wintrust.com}}
{{NASDAQ Financial-100}}
{{S&P 400 companies}}
{{Illinois Corporations}}
Category:American companies established in 1991
Category:Banks established in 1991
Category:Companies listed on the Nasdaq
Category:Companies formerly listed on the New York Stock Exchange
Category:Banks based in Illinois
Category:Companies based in Cook County, Illinois
Category:Mortgage lenders of the United States
Category:1991 establishments in Illinois