ROSEMONT, Ill., Feb. 15, 2017 (GLOBE NEWSWIRE) -- Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A. announced that it acquired certain assets and assumed certain liabilities of the mortgage banking business of American Homestead Mortgage, LLC (“AHM”), a Montana Limited Liability Company.
With more than 190 locations throughout the United States, Wintrust Mortgage now expands its existing market presence within Northern Montana, particularly in Flathead County and surrounding areas.
Since inception in 1993, AHM has become one of the leading home mortgage lenders in Montana’s Flathead Valley. And, its mission has always been to make owning a home in the Big Sky country a dream come true.
“We’ve been deeply rooted in and committed to Montana,” said AHM Managing Member Mark Delorme Sr. “We focus on helping to improve the lives of our clients and strengthening our communities here through homeownership.”
Last year, AHM’s employees originated nearly $55 million in loan volume and all of their employees will transition to Wintrust Mortgage.
“We’re excited to partner with a successful organization that’s compatible with our own,” said Wintrust Mortgage President & CEO David Hrobon. “AHM complements our own customer-centric philosophies and family-oriented corporate culture. This acquisition was a great opportunity to combine resources to help better serve the communities we support.”
Terms of the Transaction
The terms of the transaction are not being disclosed by the parties; however, a significant portion of the purchase price for the AHM assets is conditioned upon future profitability. The transaction is not expected to have a material effect on Wintrust’s 2017 earnings.
About Wintrust Mortgage
Wintrust Mortgage was created to assist in the realization of the American dream of homeownership. The company’s large volume and ability to lend in all 50 states make it one of the largest mortgage bankers in the country. In 2016 alone, Wintrust Mortgage originated nearly $5 billion in loans. The company has more than 190 locations across the country. Wintrust Mortgage is a division of Barrington Bank & Trust Company, N.A., NMLS# 449042, Member FDIC, a Wintrust Community Bank, and is part of Wintrust Financial Corporation (“Wintrust”) a diverse financial holding company with assets of approximately $25 billion whose common stock is traded on the NASDAQ Global Select Market. Wintrust Mortgage is an Equal Housing Lender. For more information, visit the company website at www.WintrustMortgage.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. Investors are cautioned that such statements are predictions and actual events or results may differ materially. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year and in Wintrust's subsequent Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.
For more information contact: David Hrobon President & CEO | Wintrust Mortgage 847-939-9360 firstname.lastname@example.org
Source:Wintrust Financial Corporation