Key Developments: Wintrust Financial Corp (WTFC.O)
37.81USD
24 May 2013
$0.37 (+0.99%)
$37.44
$37.46
$37.87
$37.20
151,831
297,963
$39.81
$31.67
Latest Key Developments (Source: Significant Developments)
Wintrust Financial Corp Announces Semi-Annual Dividend
Wintrust Financial Corp announced that Board of Directors approved a semi-annual cash dividend of $0.09 per share of outstanding common stock. The dividend is payable on February 21, 2013 to shareholders of record as of February 7, 2013. This cash dividend is the same as the per share common stock dividend paid in August of 2012. Full Article
Wintrust Financial Corp Announces Completion Of Acquisition Of 100% Of HPK Financial Corporation
Wintrust Financial Corp announced that the completion of its previously announced acquisition of 100% of HPK Financial Corporation ("HPK"). HPK is the parent company of Hyde Park Bank and Trust Company, an Illinois state bank ("Hyde Park Bank"), which operates two banking locations in the Hyde Park neighborhood of Chicago, Illinois. As part of the transaction, Hyde Park Bank will be merged into Wintrust's wholly-owned subsidiary, Beverly Bank & Trust Company, N.A. Hyde Park Bank's two banking locations will operate as branches of Beverly Bank & Trust Company, N.A. under the name Hyde Park Bank. Full Article
Wintrust Financial Corp's Hinsdale Bank & Trust Company Announces Plan to Sell the Deposits and Current Banking Operations of Second Federal Savings and Loan
Wintrust Financial Corp announced that its wholly owned subsidiary bank, Hinsdale Bank & Trust Company (Hinsdale Bank), has entered into a definitive agreement to sell the deposits and the current banking operations of Second Federal Savings and Loan, a branch of Hinsdale Bank (Second Federal) to Self-Help Federal Credit Union, partnering with The Resurrection Project. Hinsdale Bank currently operates three Second Federal locations; two branches in Chicago (Brighton Park and Little Village neighborhoods) and one in neighboring Cicero, Illinois. As of September 30, 2012, Second Federal had approximately $161 million in deposits. Hinsdale Bank purchased the deposits of Second Federal from the Federal Deposit Insurance Corporation (FDIC) when it failed and was placed in receivership with the FDIC on July 20, 2012. Terms of the transaction are not being disclosed at this time. The transaction is expected to close in the first quarter of 2013. Full Article
Wintrust Financial Corp's , Old Plank Trail Community Bank Acquires First United Bank in FDIC-Assisted Transaction
Wintrust Financial Corp announced that its wholly owned subsidiary bank, Old Plank Trail Community Bank, National Association (Old Plank Trail Bank), has acquired certain assets and liabilities and the banking operations of First United Bank of Crete, Illinois (First United Bank) in an FDIC-assisted transaction. First United Bank currently operates four locations in Illinois; one in Crete, two in Frankfort and one in Steger, as well as one location in St. John, Indiana. As of June 30, 2012, FDIC data reflects First United Bank had approximately $328 million in total assets and $316 million in total deposits. Old Plank Trail Bank acquired substantially all of First United Bank's assets at a discount of approximately 9.3% and assumed all of the non-brokered deposits at a premium of 0.60%. In connection with the acquisition, Old Plank Trail Bank entered into a loss sharing agreement with the FDIC whereby Old Plank Trail Bank will share in losses with the FDIC on certain loans and foreclosed real estate at First United Bank. Full Article
Wintrust Financial Corp Announces Plans to Acquire HPK Financial Corporation
Wintrust Financial Corp announced the signing of a definitive agreement to acquire HPK Financial Corporation (HPK). HPK is the parent company of Hyde Park Bank and Trust Company, an Illinois state bank, (Hyde Park Bank), which operates two banking locations in the Hyde Park neighborhood of Chicago, Illinois. Subject to possible adjustment depending on HPK's equity at closing, the aggregate purchase price will approximate $27.5 million. In the merger, shares of HPK common stock outstanding will be converted into the right to receive merger consideration paid in a combination of cash and shares of Wintrust common stock. The transaction is subject to approval by banking regulators and certain closing conditions. The transaction is expected to close late in the fourth quarter of 2012 and is not expected to have a material effect on Wintrust's 2012 earnings per share. Full Article
Wintrust Financial Corp Announces Semi-Annual Dividend
Wintrust Financial Corp announced that the Company's Board of Directors approved a semi-annual cash dividend of $0.09 per share of outstanding common stock. The dividend is payable on August 23, 2012 to shareholders of record as of August 9, 2012. This cash dividend is the same as the per share common stock dividend paid in February of 2012. Full Article
Wintrust Financial Corp's Lake Forest Bank & Trust Company Announces Closing Of Canadian Acquisition
Wintrust Financial Corp announced the completion of its previously announced acquisition of 100% of the shares of Macquarie Premium Funding Inc., the Canadian insurance premium funding unit of Australia-based Macquarie Group. Wintrust conducted the acquisition through Lake Forest Bank & Trust Company, its wholly-owned subsidiary. The acquisition allows Wintrust to expand its premium finance business into the Canadian marketplace. The business currently has approximately $220 million of premium finance receivables outstanding. Terms of the transaction were not disclosed. Full Article
Wintrust Financial Corp Announces Full Exercise Of Overallotment Option By Underwriters Of Offering of Non-Cumulative Perpetual Convertible Preferred Stock, Series C
Wintrust Financial Corp announced that the underwriters of Wintrust's offering of Non-Cumulative Perpetual Convertible Preferred Stock, Series C exercised in full the overallotment option granted to them in connection with the offering. As a result, subject to the fulfillment of customary closing conditions, the underwriters have agreed to purchase at the closing of the offering an additional 16,500 shares, or $16,500,000 aggregate liquidation preference, of Preferred Stock. After giving effect to the exercise of the overallotment option, the underwriters have agreed to purchase an aggregate of 126,500 shares, or $126,500,000 aggregate liquidation preference, of Preferred Stock in the offering. Wintrust intends to use the net proceeds for general corporate purposes, which may include, without limitation, investments at the holding company level, providing capital to support growth, acquisitions or other business combinations, including FDIC-assisted acquisitions, and reducing or refinancing existing debt. RBC Capital Markets and BofA Merrill Lynch are acting as joint book-running managers and Sandler O'Neill + Partners, L.P. and Wells Fargo Securities are acting as co-managers for the offering. Full Article
Wintrust Financial Corp Announces Pricing Of $110 Million Public Offering Of Non-Cumulative Perpetual Convertible Preferred Stock, Series C
Wintrust Financial Corporation announced the pricing of 110,000 shares, or $110,000,000 aggregate liquidation preference, of Non-Cumulative Perpetual Convertible Preferred Stock, Series C (Preferred Stock). Wintrust has granted the underwriters a 30-day option to purchase up to an additional 16,500 shares, or $16,500,000 aggregate liquidation preference, of Preferred Stock to cover over-allotments, if any. The holders of the Preferred Stock will have the right at any time to convert each share of Preferred Stock into 24.3132 shares of Wintrust common stock, which represents an initial conversion price of $41.13 per share of Wintrust common stock, plus cash in lieu of fractional shares. The initial conversion price represents a 17.5% conversion premium to the volume-weighted average price of Wintrust common stock on March 13, 2012 of approximately $35.00 per share. The conversion rate, and thus the conversion price, will be subject to adjustment under certain circumstances. On or after April 15, 2017, Wintrust will have the right under certain circumstances to cause the Preferred Stock to be converted into shares of Wintrust common stock, plus cash in lieu of fractional shares. RBC Capital Markets and BofA Merrill Lynch are acting as joint book-running managers and Sandler O'Neill + Partners, L.P. and Wells Fargo Securities are acting as co-managers for the offering. Full Article
Wintrust Financial Corp Commences Public Offering Of $110,000,000 Of Non-cumulative Perpetual Convertible Preferred Stock, Series C
Wintrust Financial Corporation announced that it has commenced an underwritten public offering of 110,000 shares, or $110,000,000 aggregate liquidation preference, of Non-Cumulative Perpetual Convertible Preferred Stock, Series C ("Preferred Stock"). Wintrust intends to grant the underwriters a 30-day option to purchase up to an additional 16,500 shares, or $16,500,000 aggregate liquidation preference, of Preferred Stock to cover over-allotments, if any. The shares will be issued pursuant to Wintrust's previously-filed automatic shelf registration statement on Form S-3. The holders of the Preferred Stock will have the right at any time to convert the Preferred Stock into shares of Wintrust common stock, plus cash in lieu of fractional shares. On or after April 15, 2017, Wintrust will have the right under certain circumstances to cause the Preferred Stock to be converted into shares of Wintrust common stock, plus cash in lieu of fractional shares. RBC Capital Markets and BofA Merrill Lynch are acting as joint book-running managers and Sandler O'Neill + Partners, L.P. and Wells Fargo Securities are acting as co-managers for the offering. Full Article
Fitch Rates Wintrust Financial Corp.'s L-T IDR 'BBB'; Outlook Stable
(The following statement was released by the rating agency) CHICAGO, April 22 (Fitch) Fitch Ratings has today initiated ratings on Wintrust Financial Corp. (WTFC) and its 15 separately chartered banks with a long-term Issuer Default Rating (IDR) of 'BBB' and a Viability Rating (VR) of 'bbb'. The Rating Outlook is Stable. A full list of rating actions is at the end of this rating action commentary. WTFC's ratings reflect its consistent and conservative management through the credit cycle lea
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