Wintrust Commercial Banking creates new Money Service Exchange Group

Rhea-AI Summary

Wintrust Commercial Banking has established a new division called the Wintrust Money Service Exchange Group, aimed at serving the money service business industry in the U.S. The group will provide treasury management, lending, and capital markets support tailored to the unique needs of this market.

Carol Ann Killian, an experienced professional with 26 years in banking, will lead the group. Wintrust, which has over $43 billion in assets, aims to expand its client offerings and enhance services for money service businesses, ensuring compliance with regulatory changes and technological advancements.

Positive

• Launch of Wintrust Money Service Exchange Group to support the money service business sector.
• Experienced leadership by Carol Ann Killian, enhancing service delivery in a niche market.
• Increased focus on specialized treasury management solutions for money service businesses.

Negative

• None.

The new division will focus on serving money service business industry

ROSEMONT, Ill., Jan. 15, 2021 (GLOBE NEWSWIRE) -- Wintrust Commercial Banking announced the creation of a new division, Wintrust Money Service Exchange Group, to focus on supporting businesses within the money service business industry. The group will offer treasury management, lending, and capital markets support to money service businesses in the U.S.

“We’re always focused on expanding our offerings to better serve clients in all industries,” said Wintrust CEO & Founder Edward J. Wehmer. “Forming this new group, under Carol Ann’s leadership, allows us to provide specialized support to businesses in the money service exchange market, and I’m confident the group will be a great addition to our services.”

Wintrust hired Carol Ann Killian, senior vice president, to lead and grow the new line of business. Killian has an extensive background serving money service businesses, many of which have a unique set of needs as they navigate changing regulatory requirements and advanced technological demands.

Wintrust Money Service Exchange Group will offer a full suite of treasury management solutions, including currency ordering and processing, remote deposit capture, returned item processing, electronic banking, and fraud prevention tools. Killian will also focus on developing relationships with businesses in the money service exchange industry.

“I am so excited to begin a new venture at Wintrust, supporting the market I have served in as a banker for 26 years,” Killian said. “I hope to propel Wintrust into becoming a leading provider of financial services in this space. I think it’s a win for both the money service exchange industry as well as for Wintrust.”

Killian most recently served as a relationship manager for the Currency Exchange Division of MB Financial Bank, acquired by Fifth Third Bank. She has also worked at Capital One Bank, North Fork Bank, Citibank, and European American Bank.

About Wintrust

Wintrust is a financial holding company with assets of over $43 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 180 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.

Media contact
Christopher Latta
Group Senior Vice President
Wintrust Commercial Banking
clatta@wintrust.com | 847-784-1393

FAQ

What is the new initiative by Wintrust Commercial Banking announced on January 15, 2021?

Wintrust announced the formation of the Wintrust Money Service Exchange Group to serve the money service business industry.

Who will lead the new Wintrust Money Service Exchange Group?

Carol Ann Killian will lead the Wintrust Money Service Exchange Group.

What services will the Wintrust Money Service Exchange Group offer?

The group will offer treasury management, lending, and capital markets support tailored for money service businesses.

How does Wintrust's new division impact the money service business industry?

The new division aims to provide specialized support addressing unique regulatory and technological needs in the industry.

What is the financial status of Wintrust as of the press release date?

Wintrust has assets exceeding $43 billion and operates multiple community bank subsidiaries.