Wintrust Financial Corporation to Redeem Outstanding Preferred Stock

Strategic Insights -

Wintrust Financial Corporation, a leading financial holding company, today announced its intention to redeem outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, and 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E. The redemption will be funded with a portion of the net proceeds from Wintrust's previously disclosed public offering of depositary shares, each representing a 1/1,000th interest in a share of its 7.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F.

The redemption will take place on July 15, 2025, and all shares of Series D Preferred Stock, Series E Preferred Stock, and related Depositary Shares will be redeemed at a redemption price of $25.00 per share and $25,000 per share of Series E Preferred Stock, respectively. The regular quarterly dividends on the Series D Preferred Stock and Series E Preferred Stock represented by the Depositary Shares will be paid separately on the Redemption Date to holders of record on July 1, 2025. On and after the Redemption Date, all dividends on the Series D Preferred Stock and Series E Preferred Stock (and related Depositary Shares) will cease to accrue.

Key Takeaways:

  • Wintrust Financial Corporation will redeem 5,000,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, at a redemption price of $25.00 per share.
  • Wintrust will also redeem 11,500 shares of its 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, and all related 11,500,000 Depositary Shares, at a redemption price of $25,000 per share of Series E Preferred Stock ($25.00 per Depositary Share).
  • The redemption will be funded with a portion of the net proceeds from Wintrust's previously disclosed public offering of depositary shares.
  • The redemption will take place on July 15, 2025.
  • On and after the Redemption Date, no shares of Series D Preferred Stock, Series E Preferred Stock, or Depositary Shares will remain outstanding.
  • The regular quarterly dividends on the Series D Preferred Stock and Series E Preferred Stock represented by the Depositary Shares will be paid separately on the Redemption Date to holders of record on July 1, 2025.

Statistics:

  • 5,000,000 shares of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, to be redeemed.
  • 11,500 shares of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, to be redeemed.
  • 11,500,000 Depositary Shares related to the Series E Preferred Stock to be redeemed.
  • Redemption price of $25.00 per share for Series D Preferred Stock.
  • Redemption price of $25,000 per share of Series E Preferred Stock ($25.00 per Depositary Share).
  • Redemption Date: July 15, 2025.

Sources:

  • GlobeNewswire (MIL-OSI)
  • Wintrust Financial Corporation (http://www.wintrust.com)