Wintrust Financial Corporation supports nearly 7,000
Wins seven Greenwich Excellence Awards for Mid-Market and Small Business Banking
ROSEMONT, Ill., March 03, 2021 (GLOBE NEWSWIRE) – Wintrust Financial Corporation (“Wintrust” or “the Company”) (Nasdaq: WTFC) today announced that it has received 6,973 claims for $ 1.27 billion in Its ready since opening Jan. 11 to accept client submissions for the final round of the Paycheck Protection Program (PPP) of the US Treasury Department and the Small Business Administration (SBA). Since the SBA opened its application portal on January 19, Wintrust has received funding approval from the SBA for approximately 96% of its clients.
Historically, Wintrust ranks among the largest SBA lenders in the communities served by its 15 community banks. For this latest cycle of the P3 program, to date, Wintrust has received over $ 1.11 billion in loan applications from 6,030 Illinois small businesses. It received $ 75.5 million in loan applications from 639 Wisconsin small businesses. Additional loan requests of $ 95.8 million were received from 304 small business borrowers with operations in other states across the country. The median loan amount is currently around $ 57,000, demonstrating the relief offered by Wintrust community banks to very small businesses. To date, Wintrust has funded $ 4.59 billion in PPP loans since the start of the program in March 2020.
Edward J. Wehmer, Founder and CEO, said: “On December 27, the Consolidated Appropriations Act became law mandating a third round of funding for the PPP program as well as substantial changes to the PPP program. Once again, our team has worked tirelessly to update our systems and with our communities to ensure that all eligible businesses can receive new funds as quickly as possible. We opened our portal for applications on January 11 – a week before the SBA portal opened – so that we could submit our clients’ applications in a timely manner when the SBA portal first opened on January 19. At the same time, we were able to employ selected branches as PPP Resource Centers for access to technology and program expertise in communities that need it most.
Wintrust was recently honored to receive seven awards from Greenwich Associates for Excellence in Banking – six in the Mid-Market category and one in the Small Business category. Greenwich has recognized Wintrust in the following mid-market categories, both in the Midwest region and nationally:
- Cash management (overall satisfaction).
- Probability to recommend.
- General satisfaction.
For more information on Greenwich prices, please click here.
Wehmer continued, “I would like to express my gratitude to the entire Wintrust team for their tremendous efforts. We are honored to be recognized by Greenwich for our efforts to serve our customers and our communities. These awards underscore our steadfast commitment to our customers. Our PPP efforts are a prime example of the challenges the team has overcome and the accomplishments they have made in serving our clients and communities.
At this stage, Wintrust is no longer accepting new PPP applications through its online portal. However, Wintrust encourages those who are eligible for this PPP cycle, but have waited to apply, to work directly with their local Wintrust banker or to call their local branch to be put in touch with a banker. Small organizations can also request technical support for their PPP applications at one of Wintrust’s PPP resource centers (click here for the locations and opening hours of the banks). More information about PPP can be found here.
Wehmer concluded: “Troubled times remain for many in our communities. Like the two previous PPP funding rounds, Wintrust has made the businesses and communities hardest hit by this pandemic, including low to moderate income businesses and minority communities, a focal point for our support. We all join in hoping we see the light at the end of this tunnel. In the meantime, we will continue to work to provide those who qualify with increased peace of mind. We will focus on the businesses and communities that need our help the most. “
Additional and current information on the commercial banking services offered by Wintrust and its affiliated chartered banks can be found here.
Wintrust is a financial holding company with assets of over $ 45 billion whose common shares are traded on the NASDAQ Global Select Market under the symbol WTFC. Built on the “HAVE IT ALL” model, Wintrust offers the sophisticated technology and resources of a large bank while focusing on providing service-based community banking to every customer. Wintrust operates fifteen branches of community banks, with more than 180 banking locations located in the market areas of greater Chicago and southern Wisconsin. Additionally, Wintrust operates various non-bank business units including business units that provide commercial and life insurance premium finance in the United States, a premium finance company operating in Canada, a finance company short-term accounts receivable and value-added outsourcing. from administrative services to the temporary recruiting services industry, a business unit primarily engaged in the creation and purchase of residential mortgages for sale in the secondary market across the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred trading.
This press release contains forward-looking statements within the meaning of federal securities laws. Investors are cautioned that these statements are predictions and that actual events or results may differ materially. The financial results or other plans expected from Wintrust are subject to a number of risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see “Risk Factors” and the disclosure of forward-looking statements contained in Wintrust’s most recent annual report on Form 10-K and in any subsequent Company filing with the SEC. Forward-looking statements speak only as of the date they are posted, and Wintrust assumes no obligation to update the information.
FOR MORE INFORMATION, CONTACT:
Edward J. Wehmer, Founder and Chief Executive Officer
David A. Dykstra, Vice President and Chief Operating Officer
Website Address: www.wintrust.com