Wintrust Financial Corp. in Lake Forest, Ill., will raise up to $126.5 million in capital through a preferred stock offering.

The $16 billion-asset company said Tuesday that it will use the proceeds from a variety of purposes, including organic growth, acquisitions and reducing or refinancing existing debt. The company will sell 110,000 preferred shares for $110 million and has granted its underwriters an option to buy up to an additional 16,500 shares for $16.5 million to cover over allotments.

Wintrust has made numerous acquisitions lately. Since the beginning of the year, it has agreed to buy an insurance-premium funding unit, a failed bank and a trust company. In 2011, it bought one open bank, three failed banks, two mortgage banking operations and an asset manager.

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