It was the sixth mortgage-related acquisition for an Illinois-based bank-holding company that originates around $4 billion annually. The latest acquisition is likely to boost that number by another $0.2 billion.
Wintrust Financial Corp. announced Thursday the acquisition of certain assets and the assumption of certain liabilities of Woodfield Planning Corp.’s mortgage banking business. While the price of the transaction wasn’t disclosed, the statement said it will be determined by future profits.
Rolling Meadows, Ill.-based Woodfield was founded in 1982 by Jim Dobbs.
Woodfield’s 2010 originations were $180 million.
“Joining Wintrust just made sense for us,” Dobbs, who will stay on as a senior vice president of Wintrust Mortgage, said in the news release. “Their focus on community and family, their greater financial strength and commitment to the customer fit perfectly with our philosophy.”
At Lake Forest, Ill.-based Wintrust, reported 2010 originations were $3.7 billion, falling from $4.7 billion the prior year.
Woodfield is just one of several acquisitions made by Wintrust.
On Friday, Wintrust subsidiary Northbrook Bank and Trust Co. acquired the $51 million in assets of Community First Bank — which was closed down by the Illinois Department of Financial and Professional Regulation. Community First had around $12 in residential mortgages.
Wintrust acquired Illinois-based Revere Mortgage Ltd. in October 2009. During its 18 years of operating independently, Revere reportedly closed $4.5 billion.
A year before that, Wintrust purchased 180-employee Professional Mortgage Partners. Originations during 2008 at Professional reportedly reached $1.6 billion in 2008.
In late 2007, Wintrust reported the acquisition of Broadway Premium Funding Corp., while WestAmerica Mortgage Co. was acquired in 2004.
In October, Wintrust shut down its wholesale lending division, noting at the time that the move was made to “better focus our assets and attention to the continued growth of our retail and correspondent channels.”
