Wintrust Financial Corp. (WTFC) Tuesday said it sold $50 million of non-cumulative perpetual convertible preferred stock in a private transaction. The company said that the additional capital would further enhance its capital ratios, already above the regulatory requirements for well-capitalized banks.
Lake Forest, Illinois-based Wintrust Financial said dividends on the preferred stock if declared, are payable quarterly in arrears at a rate of 8.00% per annum. The shares are convertible into common stock at a price of $27.38 per share, equal to 120% of the average of the midpoint of the intraday high and intraday low trading prices for the fifteen consecutive trading day period ended August 22, 2008.
The preferred stock would be converted into common stock under certain circumstances on and after August 26, 2010. CIVC Partners, a Chicago based private equity firm, purchased the entire issue.
Wintrust's resulting estimated ratios are approximately 10.8% total risk-based capital, 9.3% tier 1 risk-based capital and 8.3% tier 1 leverage, compared to regulatory requirements for well-capitalized banks of 10% total risk-based capital, 6% tier 1 risk-based capital and 5% tier 1 leverage.
WTFC closed Tuesday's regular trading at $21.62, up $0.28 or 1.31%, on a volume of 0.20 million shares.
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