Palatine, IL (Vocus) November 17, 2010
MVCONNECT, LLC’s MVTRAC, the leading provider of integrative recovery solutions, announced today it has officially selected Village Bank & Trust, a subsidiary of Wintrust Financial Corporation (Wintrust), as the company’s new long-term financial partner. With its wealth of knowledge of the financial industry and extensive catalog of financial services and products, Village Bank & Trust adds invaluable resources to the perpetually growing MVCONNECT Network.
Village Bank & Trust is a community bank and part of a network of community banks owned by Wintrust Financial Corporation, a financial services holding company based in Lake Forest, IL, with assets above $14 billion. Started in 1995, Village Bank & Trust is a leading bank in the local financial industry and is quickly becoming one of the premiere financial institutions for quality financial services and products.
MVTRAC’s decision for the new alliance concluded after careful due diligence and extensive meetings with various local and national financial institutions. According to MVTRAC Chief Strategic Officer, Ted Brown, “Out of the pool of potential suitors, Wintrust and Village Bank & Trust was the obvious choice because of their ability to not only satisfy, but to exceed our company needs not only in the near future, but also in the long-term. Considering the goal congruency of our companies, this is a partnership that just makes sense.”
Noting the diversity of Wintrust’s financial services, MVTRAC Chief Executive Officer Scott Jackson, states, “We intend to continue our dominant position in the Recovery Industry, working up to a $50 million debt instrument before syndication. Wintrust has the financial capabilities to meet our needs in terms of funding, mergers and acquisitions, and more. Specifically, Wintrust has the wherewithal to facilitate a syndicated lending instrument. Believing our explosive growth will bring us to an IPO, Wintrust provides a level of expertise that guarantees a successful transition from a small business to a publicly traded company. Self-funding, investing in our business model and remaining virtually debt free, allowed us to slowly research and develop this relationship. We’re excited about having such a great partnership with Wintrust, a banking relationship capable of taking us to the next level and beyond.”
According to Earl Goldman, Senior Vice President of Village Bank & Trust, “It was obvious from the beginning that a partnership between Wintrust and MVTRAC would yield significant returns. With MVTRAC’s unique business model and their impact on both the Auto Finance and Recovery Industry, we recognized immediately the mutual utility that can be shared amongst our two companies. This is a partnership that Wintrust is fervently proud of and we look forward to experiencing the limitless growth that this relationship brings now and into the future.”
The details of the agreement include a preliminary funding for six million dollars along with MVCONNECT, LLC’s MVTRAC implementing both merchant and commercial banking services provided by Village Bank & Trust.
About MVTRAC -- MVTRAC is a leading provider of on-demand data solutions for auto finance, government and law enforcement organizations. Utilizing a national network of Automated License Plate Recognition(ALPR) technology devices, MVTRAC receives real-time data plate captures from these systems and archives the intelligence in a centralized database. Recognized as the largest license plate data capture network in the world, MVTRAC continues to grow through partnerships with government agencies and third-party camera owners at traffic lights, tollbooths, airports, major transportation hubs, security centers and retail/commercial parking lots to exponentially grow the Intelligent Data Network ™. For more information visit http://www.mvtrac.com.
About Wintrust -- A financial holding company with assets of approximately $14 billion. Wintrust operates fifteen community banks that provide a full complement of commercial and consumer loan and deposit products and services through 85 banking facilities in the Chicago and Milwaukee metropolitan areas. Wintrust also provides brokerage, trust and investment services to customers primarily in the Midwest, as well as customers of the banks, and provides services in mortgage banking and several specialty-lending niches including insurance premium finance. Visit http://www.wintrust.com for more information.