Wintrust announces Chicago Deferred Exchange Company acquisition.
Global Banking News-December 17, 2018--Wintrust announces Chicago Deferred Exchange Company acquisition
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Global Banking News - 17 December 2018
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Wintrust Financial Corporation (NASDAQ: WTFC) has said that it has acquired Elektra Holding Company Llc (Elektra), the parent company of Chicago Deferred Exchange Company Llc (CDEC).
The total purchase price was paid in cash and was valued at nearly USD51.9m. CDEC is a provider of Qualified Intermediary services for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031. Under IRC Section 1031, a taxpayer may defer the gain on the sale of certain investment property if the taxpayer utilises the services of a Qualified Intermediary.
CDEC has facilitated more than 8,000 like-kind exchanges in the past decade for taxpayers nationwide. The transactions generate customer deposits during the period following the sale of the property until such proceeds are used to purchase a replacement property. These deposit flows result in a source of low-cost deposits. Deposits from CDEC customers during 2018 averaged over USD1.0bn.
With assets of nearly USD30bn, Wintrust is a financial holding company that operates 15 community bank subsidiaries with over 160 banking locations located in the greater Chicago and southern Wisconsin market areas.
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|Publication:||Global Banking News (GBN)|
|Date:||Dec 17, 2018|
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