Wintrust Financial Corporation Announces Pricing of Upsized $258 Million Common Stock Offering

Rhea-AI Summary

Wintrust Financial Corporation (NASDAQ: WTFC) announced the pricing of its underwritten public offering of 3,000,000 shares at $86.00 per share. The offering is expected to close on June 10, 2022, subject to customary conditions. Wintrust anticipates net proceeds of approximately $248.4 million, intended for general corporate purposes. The underwriters have a 30-day option to purchase an additional 450,000 shares. RBC Capital Markets and Raymond James & Associates are joint book-running managers for the offering.

Positive

• Upsized public offering of 3,000,000 shares indicates strong investor interest.
• Expected net proceeds of approximately $248.4 million can enhance liquidity for corporate purposes.

Negative

• Potential dilution of existing shares if the underwriters exercise their option for an additional 450,000 shares.

ROSEMONT, Ill., June 07, 2022 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust” or the “Company”) (NASDAQ: WTFC) today announced the pricing of its upsized underwritten public offering of 3,000,000 shares of its common stock at a price to the public of $86.00 per share. In connection with the offering, Wintrust has granted the underwriters a 30-day option to purchase up to 450,000 additional shares of common stock. The offering is expected to close on June 10, 2022, subject to customary closing conditions.

Assuming the underwriters do not exercise their option to purchase additional shares, Wintrust expects to receive net proceeds for the offering of approximately $248.4 million, after deducting underwriting discounts and commissions and estimated offering expenses.   Wintrust intends to use the net proceeds from this offering for general corporate purposes.

RBC Capital Markets, LLC and Raymond James & Associates, Inc. are acting as joint book-running managers for the offering.

The offering is being made under an effective shelf registration on file with the U.S. Securities and Exchange Commission (the “SEC”). The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Prospective investors should read the prospectus supplement and the accompanying prospectus in the registration statement and other documents Wintrust has filed or will file with the SEC for more complete information about Wintrust and the offering. Copies of the prospectus supplement and accompanying prospectus describing the offering may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, New York 10281, telephone: (877) 822-4089, email: equityprospectus@rbccm.com; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, or by calling toll-free 1-800-248-8863.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Wintrust

Wintrust is a financial holding company with assets of approximately $50 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 170 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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements related to the completion of the public offering, the satisfaction of customary closing conditions related to the public offering and the intended use of proceeds from the public offering. These forward-looking statements are based on management’s current expectations and beliefs and certain assumptions made by our management. Investors are cautioned that such statements are predictions and actual events or results may differ materially. Wintrust’s expected financial results or other plans are subject to a number of risks and uncertainties. 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 fiscal year ended December 31, 2021 and in any of the Company’s subsequent SEC filings. Forward-looking statements speak only as of the date made and, except as required by law, Wintrust undertakes no duty to update its forward-looking statements.

FOR MORE INFORMATION CONTACT:

Edward J. Wehmer, Founder & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000

FAQ

What is the significance of Wintrust's public offering on June 7, 2022?

Wintrust's public offering highlights strong market interest, aiming to raise approximately $248.4 million.

What is the expected closing date for Wintrust's offering?

The offering is expected to close on June 10, 2022, pending customary conditions.

How many shares are being offered in Wintrust's recent public offering?

Wintrust is offering 3,000,000 shares of its common stock.

What will Wintrust do with the proceeds from the stock offering?

The proceeds from the offering will be used for general corporate purposes.

Who are the lead underwriters for Wintrust's public offering?

RBC Capital Markets and Raymond James & Associates are the joint book-running managers for the offering.