Wintrust announces board member departures ahead of annual meeting

CHICAGO - Wintrust Financial Corporation (NASDAQ:WTFC), a financial institution currently trading near InvestingPro’s Fair Value estimate with a market capitalization of $6.69 billion, disclosed today that Edward J. Wehmer and Scott K. Heitmann will retire from their positions on the company’s Board of Directors. Their departure is scheduled to coincide with the upcoming Annual Meeting of Shareholders on May 22, 2025.

Wehmer, who founded Lake Forest Bank & Trust in 1991, has been a pivotal figure in Wintrust’s history. He has been a member of the Board since Wintrust’s inception as a publicly traded entity in 1996, serving as President and CEO until May 2023, and later as Executive Chairman until May 2024. He continues his involvement with Wintrust as Founder and Senior Advisor and will be named Chairman Emeritus post the annual meeting.

Heitmann, who joined the Board in 2008, brought with him extensive banking industry experience from LaSalle Bank Corp., Standard Federal Bank, and the Federal Home Loan Bank of Chicago. His insights have been instrumental in guiding Wintrust’s growth and navigating industry challenges over the past 17 years.

The announcement comes as Wintrust reflects on a record-breaking year, with the company’s assets reaching $64.9 billion and revenue growth of 8.88%. InvestingPro data reveals the company has maintained dividend payments for 26 consecutive years and achieved strong returns over the past five years. The remaining 13 Board members are seeking re-election, as indicated in the 2025 Proxy Statement.

Wintrust operates as a financial holding company, providing banking services through more than 200 retail locations across several U.S. states. The company’s business model emphasizes a community banking experience backed by the resources of a larger bank.

This news is based on a press release statement and includes forward-looking statements subject to risks and uncertainties. For further details on these risks, refer to Wintrust’s Annual Report on Form 10-K for the most recently ended fiscal year.

In other recent news, Wintrust Financial Corporation reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $2.63, higher than the forecasted $2.48. Despite this, the company experienced a slight revenue shortfall, reporting $638.6 million against an anticipated $641.75 million. Net income for the year reached a record $695 million, marking an 11.5% increase from the previous year. Loan and deposit growth remained robust, with annualized increases of 8% and 9%, respectively. In related developments, Citi analysts adjusted their outlook on Wintrust Financial, reducing the price target from $158.00 to $142.00 but maintaining a Buy rating. They expect the company to achieve positive growth in the first quarter, with even stronger performance anticipated in the second quarter. Keefe, Bruyette & Woods expressed confidence in Wintrust Financial’s growth narrative, despite a cautious Federal Reserve and economic forecasts suggesting muted bank loan growth. These developments provide investors with insights into Wintrust Financial’s recent performance and future prospects.

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