Wintrust Financial Corp. in Lake Forest, Ill., has acquired certain assets and liabilities of River City Mortgage LLC, a mortgage bank in Bloomington, Minn.

On Wednesday, the $14 billion-asset Wintrust said that River City originated $500 million in mortgages last year. Wintrust said the purchase expands its mortgage banking presence throughout the Midwest.

Wintrust did not say how much it paid in the cash acquisition, though it said that a significant portion of the purchase agreement is dependent on future profitability.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.