Lake Forest Bank & Trust Company, National Association agreed to acquire Loan Portfolio of The Allstate Corporation on November 1, 2021. The face value of loan is $570 million. The portfolio is comprised of approximately 1,800 loans to Allstate agents nationally, which agents use to establish and grow their businesses, as well as meet other working capital needs.

In addition to acquiring the loans, Wintrust has agreed to become the national preferred provider of loans to Allstate agents. A team of Allstate agency lending specialists will join the Wintrust team, to augment and expand Wintrust's existing insurance agency finance business. The transaction is expected to close in November 2021.

Matthew Galo, Thomas K. Juffernbruch and Nicholas M. Tipsord of Schiff Hardin acted as legal advisor to Wintrust Financial Corporation.