Wintrust Financial Corp. in Lake Forest, Ill., has acquired certain assets and liabilities of River City Mortgage LLC, a mortgage bank in Bloomington, Minn.
On Wednesday, the $14 billion-asset Wintrust said that River City originated $500 million in mortgages last year. Wintrust said the purchase expands its mortgage banking presence throughout the Midwest.
Wintrust did not say how much it paid in the cash acquisition, though it said that a significant portion of the purchase agreement is dependent on future profitability.
