Business
Wintrust Financial Corporation Announces Purchase of $570 Million Loan Portfolio From Allstate and Agrees to Become the Preferred National Lender to Allstate Agents
ROSEMONT, Ill., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq: WTFC) and its wholly-owned subsidiary, Lake Forest Bank
About this update from Wintrust Financial Corporation
[{"type":"text","content":"ROSEMONT, Ill., Nov. 01, 2021 (GLOBE NEWSWIRE) -- 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 ...