ROSEMONT, Ill., April 17, 2017 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust” or the “Company”) (Nasdaq:WTFC) today announced that all outstanding 5.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series C (“Series C Preferred Stock”) will mandatorily convert on April 27, 2017 (the “Mandatory Conversion Date”).
On the Mandatory Conversion Date, 126,257 shares of Series C Preferred Stock will be converted to shares of the Company’s common stock, no par value (“Common Stock”). Holders of the Series C Preferred Stock will receive 24.72 shares of Common Stock for each share of Series C Preferred Stock converted. Cash (computed to the nearest cent) will be paid in lieu of fractional shares of Common Stock.
From and after the Mandatory Conversion Date, the Series C Preferred Stock not previously converted will cease to be outstanding and all rights of the holders with respect to such Series C Preferred Stock will terminate, except for the right to receive the number of whole shares of Common Stock issuable upon conversion of the Series C Preferred Stock and cash in lieu of any fractional shares of Common Stock as described above. The last dividend with respect to the Series C Preferred Stock dividends will be paid today to holders of record on April 1, 2017.
About Wintrust
Wintrust is a financial holding company with assets of approximately $26 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 150 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, the Company operates various non-bank business units including one of the largest commercial insurance premium finance companies operating in the United States and 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.