Wintrust Financial Corp., a banking company in Lake Forest, Ill., has acquired certain assets and liabilities of Professional Mortgage Partners of Downers Grove, Ill.
Professional Mortgage Partners is a "reputable mortgage banking operation," Wintrust said. It has 180 employees, 10 offices, and has done almost $1.6 billion of originations this year.
Edward Wehmer, the chief executive of the $9.9 billion-asset Wintrust, said in a press release last week that the addition of Professional Mortgage's offices would expand Wintrust's mortgage business in the Chicago area.
Barton Pitts, the president of Professional Mortgage and one of its founders, will become an executive vice president at Wintrust Mortgage Corp.
Wintrust said a significant portion of the purchase price is tied to profitability measures but that it was not disclosing other terms of the transaction.
It said it does not expect the acquisition to have a significant effect on its 2008 or 2009 earnings per share.