Wintrust Financial (WTFC) in Chicago has struck a deal to expand its mortgage business to southern California.
The $18 billion-asset company said late Tuesday it has acquired certain assets and liabilities from Surety Financial Services in Sherman Oaks, Calif. The companies did not disclose the terms or specify the assets that were transferred. Wintrust said that a significant portion of the deal price is contingent on future profitability.
Ian Jack, Suretys chief executive, and Keith Jacobs, Surety's president, will take senior posts in Wintrusts mortgage division and will lead its operations in southern California, Wintrust said. Surety originated roughly $1 billion in mortgages in the previous 12 months; it has five locations in southern California.
"This transaction provides Wintrust Mortgage the opportunity to expand into the desirable southern California market with a highly regarded team of professionals," said David Hrobon, chief exective of Wintrust Mortgage, in the press release. "We look forward to working with Ian Jack and Keith Jacobs and their team to provide best in class mortgage lending products and services."
Wintrust agreed in July to buy the $165 million-asset Diamond Bancorp in Chicago.