Sold! River City Mortgage

Bloomington mortgage co. bought by bigger Chicago rival.

By buchtjd

April 15, 2011 at 3:59PM

Wintrust Financial Corp. said that one of its subsidiaries has bought Bloomington-based River City Mortgage and Financial. Terms of the deal weren't disclosed, but the purchase price was based upon "certain future profitability measures," according to Wintrust. River City Mortgage will become Wintrust Mortgage.

River City is a top-10 local mortgage company that serves the upper midwest with a focus on the Twin Cities metro area. It did about $500 million in mortgage loans last year and has offices in Bloomington, Eagan, Minnetonka, Oakdale, New Brighton and Maple Grove.

Wintrust is a Chicago-based financial holding company with about $14 billion in assets. It operates 15 community bank subsidiaries, including the one that acquired River City, in the greater Chicago and Milwaukee markets, but it also operates other businesses including one of the largest commercial insurance premium finance companies in the country.

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buchtjd

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