The government has received $25.6 million after selling warrants it held in Illinois-based Wintrust Financial Corp., the latest move to recoup the costs of the $700 billion financial bailout. Get the full story »
Wintrust
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U.S. to auction Wintrust warrants Tuesday
The government says it will auction warrants it holds for Illinois-based Wintrust Financial Corp. on Tuesday in the latest effort to recoup the costs of the $700 billion financial bailout. Get the full story »
Wintrust looks at multiple acquisitions
OMG. That’s what Wintrust Financial Corp. Chief Executive Ed Wehmer, whose Lake Forest-based company is the first locally headquartered mid-sized bank to repay its bailout money to the U.S. Treasury Department, says he has said when looking at 20 to 25 potential acquisitions recently.
Wintrust hasn’t pulled the trigger on any of them because of their credit problems.
“You get in there, and you go, ‘Oh my God,’” said Wehmer, whose $14 billion-asset company owns 15 banks. Also, the potential acquisition targets didn’t have that great of a franchise, he said. Get the full story »
Treasury announces auction of Wintrust warrants
The government announced Friday that it will auction warrants it holds from Citigroup Inc., Wintrust Financial and another smaller bank in the first quarter of this year. It is the latest effort to recoup costs of the $700 billion financial bailout. Get the full story »
Wintrust, five others return $2.7B to Treasury
The Treasury Department says six banks have repaid government bailouts worth a combined $2.66 billion.
The banks are returning taxpayer money that they received in the aftermath of the 2008 financial crisis.
The banks that repaid their bailouts on Wednesday are Huntington Bancshares, First Horizon National Corp., Wintrust Financial Corp., Susquehanna Bancshares Inc., Heritage Financial Corp. and The Bank of Kentucky Financial Corp. Get the full story »
Wintrust Financial Q3 beats Street
Wintrust Financial Corp. reported a larger-than-expected increase in quarterly profit, helped by a lower provision to cover bad loans.
For the third quarter, net income was $15.2 million, or 47 cents a share, compared with $27.3 million, or $1.07 a share, in the year-ago period. Get the full story »
Wintrust Financial chooses new COO
From Fox Business News | Wintrust Financial said Tuesday it had appointed David E. Lee chief operating officer of Lake Forest Bank & Trust.
Regulators shut down Ravenswood Bank
U.S. regulators closed Ravenswood Bank of Chicago, bringing the 2010 total of failed banks to 109.
The Illinois Department of Financial and Professional Regulation closed the bank, which had $269.5 million in total deposits, $211 million in loans and two branches. Northbrook Bank and Trust Co., based in Northbrook, Ill., and a unit of Wintrust Financial Corp., agreed to acquire $190 million of assets and $120 million of deposits, according to Wintrust and the FDIC.
The FDIC said the failure is expected to cost the agency’s deposit-insurance fund about $68.1 million.
July 28, 2010 at 10:16 a.m.
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Filed under: Bank failures, Banking, Earnings, Stock activity Fraud incident hurts Wintrust Financial results
Wintrust Financial Corp. posted lower-than-expected profits in the second quarter, partly because the $13.7 billion-asset bank holding company had to set aside more money for loan losses due to a fraud in its premium financing unit.
For the second quarter, net income was $13 million, or 25 cents a share, compared with $6.5 million, or 6 cents a share, in the same period a year ago. Get the full story »
