Key Developments For Wintrust Financial Corporation
Wintrust Financial Corporation (WTFC.O) (Nasdaq)
Wintrust Financial Corporation Announces Semi-Annual Dividend
Wintrust Financial Corporation announced that its Board of Directors approved a semi-annual cash dividend of $0.09 per share of outstanding common stock. The dividend is payable on August 27, 2009 to shareholders of record as of August 13, 2009. This cash dividend is a 50% reduction compared to the per share common stock dividend paid in the first quarter of 2009.
Wintrust Financial Corporation's First Insurance Funding Corp. Completes Purchase of Life Insurance Premium Finance Assets
First Insurance Funding Corp. (FIFC), a subsidiary of Wintrust Financial Corporation, announced that it has completed the purchase of the U.S. life insurance premium finance assets of A.I. Credit Corp. and A.I. Credit Consumer Discount Company (A.I. Credit), subsidiaries of American International Group, Inc. FIFC has acquired one of life insurance premium finance portfolios in the industry, as well as certain other assets related to A.I. Credit's life insurance premium finance business and the assumption of certain related liabilities for a purchase price of approximately $679.5 million in cash. A majority of A.I. Credit's life insurance premium finance employees with expertise in the acquired business will join FIFC in connection with the sale, and will continue to provide service to customers. If certain conditions are met, FIFC will purchase certain specified additional life insurance premium finance assets for up to an aggregate of $61.2 million. .
Wintrust Financial Corporation's WHAMCO Announces Agreement To Purchase Certain Assets And Assume Certain Liabilities Of Advanced Investment Partners, LLC
Wayne Hummer Asset Management Company (WHAMCO), a subsidiary of Wintrust Financial Corporation, announced an agreement to purchase certain assets and assume certain liabilities of Advanced Investment Partners, LLC (AIP), an affiliate of State Street Global Alliance, LLC. AIP is an investment management firm specializing in the active management of domestic equity investment strategies. WHAMCO will form a new subsidiary that will continue with the AIP name. AIP senior management members will maintain a minority ownership interest in the new business. AIP's staff, including the investment management team, will continue to operate the business from its headquarters near Tampa, Florida. The terms of the transaction were not disclosed. The transaction is expected to be completed in the next thirty days, subject to certain closing conditions.
Wintrust Financial Corporation Announces Semi-Annual Dividend
Wintrust Financial Corporation announced that its Board of Directors approved a semi-annual cash dividend of $0.18 per share of outstanding common stock. The dividend is payable on February 26, 2009 to shareholders of record as of February 12, 2009.
Wintrust Financial Corporation Acquires Mortgage Banking Assets of Professional Mortgage Partners
Wintrust Financial Corporation announced the acquisition of certain assets and the assumption of certain liabilities of the mortgage banking business of Professional Mortgage Partners (PMP) of Downers Grove, Illinois. The terms of this cash transaction are not being disclosed by the parties; however, a significant portion of the purchase price for the PMP assets is conditioned upon certain future profitability measures.
