Wintrust Financial Corporation Announces Purchase of $570 Million Loan Portfolio From Allstate and Agrees to Become the Preferred National Lender to Allstate Agents
01 Novembre 2021 - 9:01PM
Wintrust Financial Corporation ("Wintrust") (Nasdaq: WTFC) and its
wholly-owned subsidiary, Lake Forest Bank & Trust Company,
N.A., today announced they have agreed to purchase approximately
$570 million of loans from The Allstate Corporation (NYSE: ALL).
The portfolio is comprised of approximately 1,800 loans to Allstate
agents nationally, which agents use to establish and grow their
businesses, as well as meet other working capital needs.
In addition to acquiring the loans, Wintrust has
agreed to become the national preferred provider of loans to
Allstate agents. Allstate agents will have expanded lending options
and services through Wintrust and be supported with its
award-winning lending services. A team of Allstate agency lending
specialists will join the Wintrust team, to augment and expand
Wintrust’s existing insurance agency finance business.
The transaction is expected to close in November
2021.
Edward J. Wehmer, Founder & Chief Executive
Officer of Wintrust, commented, “Wintrust is excited to work with
Allstate to acquire the agency loans and looks forward to serving
Allstate agents going forward. This portfolio and the related
ongoing opportunity is a great fit with our existing insurance
finance business. It’s also an example of two great Chicago
companies coming together to serve 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-related financing, as well as other banking
services to Allstate agents, including wealth management and
mortgage services. Allstate agents also will have access to
Wintrust’s digital banking services.
“Wintrust’s strong market position and lending
solutions tailored to small businesses empower Allstate agents with
an excellent suite of financial options,” said Terrance Williams,
executive vice president and general manager of Allstate agency
distribution. “We will partner closely with Wintrust to ensure a
superb experience for those interested in new lending products and
services.”
Wintrust is a recognized national leader in
insurance finance through its existing FIRST Insurance Funding and
Wintrust Life Finance premium finance insurance businesses, as well
as its agency lending business, collectively contributing
outstanding loans in excess of $10 billion as of September 30,
2021.
The terms of the transaction were not
disclosed.
About Wintrust
Wintrust is a financial holding company with assets of
approximately $48 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 170 banking locations located in the
greater Chicago and southern Wisconsin market areas. Additionally,
Wintrust operates various non-bank business units including
business units which provide commercial and life insurance premium
financing in the United States, a premium finance company operating
in Canada, a company providing short-term accounts receivable
financing and value-added out-sourced administrative services to
the temporary staffing services industry, a business unit 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 and qualified
intermediary services for tax-deferred exchanges.
Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the federal securities laws. Investors are cautioned
that such statements are predictions and that actual events or
results may differ materially. Wintrust's expected financial
results or other plans are subject to a number of risks and
uncertainties. 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 Reports on Form 10-Q.
Forward-looking statements speak only as of the date made and
Wintrust undertakes no duty 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
(847) 939-9000
Website address: www.wintrust.com
Nick Nottoli, Allstate Media Relations
(847) 402-5600
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