Wintrust buys Allstate loans, becomes insurance firm's lender [The Times, Munster, Ind.]

Nov. 6—Wintrust Bank has agreed to buy $570 million of loans from The Allstate Corp. and to become the national preferred provider of loans to Allstate agents.

The Rosemont-based bank, which has branches in Dyer, Lansing and across the south suburbs, will purchase 1,800 loans to Allstate agents nationally through its wholly owned subsidiary, Lake Forest Bank & Trust Company. Agents borrowed the money to establish, expand and meeting the working capital needs of their businesses.

The deal is expected to close this month.

"Wintrust is excited to work with Allstate to acquire the agency loans and looks forward to serving Allstate agents going forward," Wintrust Founder and CEO Edward Wehmer said. "This portfolio and the related ongoing opportunity is a great fit with our existing insurance finance business. It's also an example of two great Chicago companies coming together to serve the needs of their stakeholders."

Wintrust also is assembling a team of Allstate agency lending specialists as it grows its insurance agency finance business by becoming the preferred lender to Allstate agents. The bank will offer them agency term loans, revolving credit financing, SBA loans, real estate-related financing and other banking services. It also will provide Allstate agents with wealth management services, mortgages and digital banking.

"We will partner closely with Wintrust to ensure a superb experience for those interested in new lending products and services," said Terrance Williams, executive vice president and general manager of Allstate agency distribution.

Wintrust has loans of more than $10 billion to the insurance sector through its existing FIRST Insurance Funding, Wintrust Life Finance premium finance insurance and agency lending businesses.

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