Wintrust Financial (WTFC) Acquires Certain Assets of Professional Mortgage Partners
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Wintrust Financial Corporation (Nasdaq: WTFC) announced the acquisition of certain assets and the assumption of certain liabilities of the mortgage banking business of Professional Mortgage Partners of Downers Grove, Illinois.
Founded in 1999 by President Barton Pitts and six other investors, PMP built its business into a reputable mortgage banking operation with 180 employees comprised of ten retail mortgage offices with nearly $1.6 billion in annual mortgage originations in 2008.
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. The transaction is not expected to have a material effect on Wintrust's 2008 or 2009 EPS.
Wintrust Financial Corporation, through its subsidiaries, engages in community banking, specialty lending, and wealth management businesses in the United States.
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