UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): January 27, 2000
WINTRUST FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Commission File Number 0-21923
Illinois 36-3873352
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(State or other Jurisdiction (I.R.S. Employer Identification No.)
of Incorporation)
727 North Bank Lane
Lake Forest, Illinois 60045
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(Address of Principal Executive Offices)
(847) 615-4096
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS.
On January 27, 2000, Wintrust Financial Corporation ("Company") announced that
its Board of Directors approved its first semi-annual cash dividend in the
amount of $0.05 per share of outstanding common stock. The dividend is payable
on February 24, 2000 to shareholders of record as of February 10, 2000.
Additionally, the Board of Directors approved a stock buyback program
authorizing the purchase of up to 300,000 shares of the Company's common stock,
from time to time, in open market or privately negotiated transactions. The
shares authorized to be repurchased represent approximately 3% of the Company's
currently outstanding common shares. Shares repurchased, if any, would be
available for issuance under the Company's stock incentive plan, employee stock
purchase plan and other corporate purposes.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit
Exhibit 99 - Press Release dated January 27, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
WINTRUST FINANCIAL CORPORATION
(Registrant)
Date: February 11, 2000 /s/ David A. Dykstra
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Executive Vice President
& Chief Financial Officer
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WINTRUST FINANCIAL CORPORATION
727 North Bank Lane, Lake Forest, Illinois 60045
NEWS RELEASE
FOR IMMEDIATE RELEASE January 27, 2000
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FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Executive Vice President & Chief Financial Officer
(847) 615-4096
Website address: www.wintrust.com
WINTRUST FINANCIAL CORPORATION DECLARES ITS FIRST
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SEMI-ANNUAL DIVIDEND PAYMENT AND ANNOUNCES
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COMMON STOCK BUYBACK AUTHORIZATION
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LAKE FOREST, ILLINOIS -- Wintrust Financial Corporation (the "Company")
(Nasdaq: WTFC) today reported that its Board of Directors approved its first
semi-annual cash dividend in the amount of $0.05 per share of outstanding common
stock. The dividend is payable on February 24, 2000 to shareholders of record as
of February 10, 2000.
Additionally, the Board of Directors approved a stock buyback program
authorizing the purchase of up to 300,000 shares of the Company's common stock,
from time to time, in open market or privately negotiated transactions. The
shares authorized to be repurchased represent approximately 3% of the Company's
currently outstanding shares. Shares repurchased, if any, would be available for
issuance under the Company's stock incentive plan, employee stock purchase plan
and other corporate purposes.
"Given the Company's increasing profitability levels and the fact that
some investors have been with the Company for eight years, we are pleased to be
commencing the payment of dividends," stated Edward J. Wehmer, President and
Chief Executive Officer. "As a growing company, we still intend to retain the
majority of our earnings to fund future growth and continue to build our
franchise," Mr. Wehmer added. As to the stock buyback authorization, Mr. Wehmer
indicated that "current low stock valuation conditions relative to the banking
segment and to Wintrust Financial Corporation make a stock buyback program
attractive at this time for augmenting shareholder value."
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Wintrust is a $1.7 billion asset financial services holding company
whose common stock is traded on the Nasdaq Stock Market(R). Its six suburban
Chicago community bank subsidiaries, each of which was founded as a de novo bank
since December 1991, are located in high income retail markets -- Lake Forest
Bank and Trust Company, Hinsdale Bank and Trust Company, North Shore Community
Bank and Trust Company in Wilmette, Libertyville Bank and Trust Company,
Barrington Bank and Trust Company, N.A., and Crystal Lake Bank and Trust
Company, N.A.. The banks also operate facilities in Lake Bluff, Glencoe,
Winnetka, Clarendon Hills, Western Springs and Skokie, Illinois. The Company
also operates three non-bank subsidiaries. First Insurance Funding Corporation,
one of the largest commercial insurance premium finance companies operating in
the United States, serves commercial loan customers throughout the country.
Wintrust Asset Management Company, N.A., a trust subsidiary, allows Wintrust to
service customers' trust and investment needs at each banking location. Tricom,
Inc. of Milwaukee, acquired in October 1999, provides short-term accounts
receivable financing and value-added out-sourced administrative services, such
as data processing of payrolls, billing and cash management services, to
temporary staffing service clients located throughout the United States.
Currently, Wintrust operates a total of 24 banking offices and is in the process
of constructing one additional branch facility. All of the Company's banking
subsidiaries are locally managed with large local boards of directors. Wintrust
Financial Corporation has been one of the fastest growing de novo bank groups in
Illinois.
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