Wintrust Financial Corp. is acquiring Veterans First Mortgage, a consumer lender that specializes in Veterans Affairs-backed home loans.
The Rosemont, Illinois-based bank, which has Dyer, Lansing, South Holland, Steger and Crete locations, will service 9,000 VA loans with $1.4 billion in principal balance. Veterans First Mortgage is further expected to originate $800 million in loans this year.
Wintrust is buying the mortgage leader for an undisclosed sum in a cash transaction.
“This acquisition will allow Wintrust Mortgage to expand both in size and structure,” Wintrust Mortgage President and CEO David Hrobon said. “Veterans First Mortgage has built a terrific consumer direct lending business with some of the industry’s brightest leadership and employees. We look forward to the synergistic opportunities that will arise from this merger of talent.”
Veterans First Mortgage employs about 400 workers at offices in Salt Lake City and San Diego.
“Veterans First Mortgage has built a reputation on quality loans, expertise and customer-first service and we know this is also true of Wintrust Mortgage," Veterans First Mortgage President and CEO Kevin Gates said. "We share a common culture and have common leadership styles, so this acquisition could not be a better fit.”
Wintrust, which aspires to be "Chicago's Bank" and sponsors both the White Sox and the Cubs, has $27 billion in assets.