Wintrust acquires mortgage lender in Montana

The Wintrust Bank branch on Ridge Road in Lansing is pictured above. Wintrust acquired a mortgage lender in Montana for an undisclosed sum.

Wintrust, a Rosemont-based bank with a large footprint in the Calumet Region, is headed out west for growth.

The bank, which has branches in Dyer, Lansing, South Holland, Steger and Crete, acquired American Homestead Mortgage in Montana for an undisclosed sum. Wintrust Mortgage, which has 190 locations across the United States, will gain a foothold in Northern Montana by buying out the 25-year-old mortgage company, which originates $55 million in loans a year.

"We’re excited to partner with a successful organization that’s compatible with our own,” Wintrust Mortgage President and Chief Executive Officer David Hrobon said. “American Homestead Mortgage complements our own customer-centric philosophies and family-oriented corporate culture."

Wintrust Mortgage originated nearly $5 billion in loans last year. Wintrust, which has been trying to position itself as "Chicago's bank," raked in a profit of $206.9 million last year.

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Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.