ROSEMONT, IL – Wintrust Financial (NASDAQ:WTFC) Corporation (NASDAQ:WTFC), an $8.82 billion market cap financial institution that has seen its stock surge over 42% in the past six months, has amended its credit agreement, extending its maturity date and appointing U.S. Bank National Association as its new administrative agent, according to a recent SEC filing.
The amendment includes the resignation of Wells Fargo (NYSE:WFC), National Association as the administrative agent, and the appointment of U.S. Bank, National Association as the successor. The bank maintains a solid financial foundation, with InvestingPro data showing a "GOOD" overall financial health score and a reasonable P/E ratio of 13.7x.
Additionally, the amendment involves the removal of Wells Fargo as a Revolving Credit Lender and the reallocation of the Revolving Credit Exposure among the remaining lenders. The Revolving Credit Maturity Date has been extended from December 9, 2024, to December 5, 2025.
Notably, InvestingPro data reveals the company has maintained dividend payments for 25 consecutive years, demonstrating strong financial stability. For deeper insights into Wintrust's financials and access to the comprehensive Pro Research Report, investors can explore InvestingPro's advanced analytics platform.
In other recent news, Wintrust Financial Corporation reported a robust Q3 performance with a net income exceeding $170 million, meeting expectations. The acquisition of Macatawa Bank on August 1 was a key contributor to this growth, adding $1.3 billion in loans and $2.3 billion in deposits.
This has led to a record net interest income of $503 million for Wintrust. Despite a decrease in noninterest income to $113.1 million, mainly due to less favorable mortgage-related revenues, the company remains positive about its future growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.