Wintrust Financial in Rosemont, Ill., has agreed to buy a loan portfolio from Allstate.
The $48 billion-asset Winstrust said in a press release Monday that it will acquire about $570 million of loans, most of which belong to Allstate agents. The agents use the funds to establish and expand their businesses, along with other working capital needs.
Wintrust also agreed to become the national preferred provider of loans to Allstate agents. Wintrust will offer Small Business Administration loans and real estate-related financing to Allstate agents, who will have access to the bank’s wealth management and mortgage products and its digital banking services.
The deal is expected to close in November.
Wintrust did not disclose what it will pay for the loans.
“Wintrust is excited to work with Allstate to acquire the agency loans and looks forward to serving Allstate agents going forward,” Edward Wehmer, Wintrust’s CEO, said in the release. “This portfolio and the related ongoing opportunity is a great fit with our existing insurance finance business.”