Last updated on May 14th, 2019 at 03:43 am
Rosemont, Illinois-based Town Bank parent Wintrust Financial Corp. announced it will donate $12 million to Marquette University and has formed a 10-year corporate banking partnership.
Hartland-based Town Bank will now be the university’s exclusive commercial and retail bank, replacing the longstanding partnership with U.S. Bank.
The $12 million will go toward student scholarships, athletic and educational programming, and other campus events, according to a release from the organizations. Wintrust has also agreed to invest in the College of Business Administration’s commercial banking program, provide seed funding for a small business revolving loan fund, and provide low-cost loans for businesses in the neighborhoods around campus.
The U.S. Bank contract expires at the end of this fiscal year, and Marquette completed an RFP process to evaluate financial services options.
“In working closely with Wintrust and their Town Bank team, we discovered mission alignment and shared values related to providing access and affordability to those who need it most,” said Marquette president Michael Lovell. “We are grateful for their significant investment in scholarship aid, which will have a profound impact on Marquette students as they become men and women for others and positive change agents in our communities.”
Town Bank has recently expanded its presence in southeastern Wisconsin, particularly in downtown Milwaukee. BizTimes reported the bank plans to move its commercial banking operations to 731 N. Jackson St. this spring, bringing about 40 employees downtown. And Town Bank’s first two downtown branches are in the works at 1100 W. Wells St. and 400 E. Kilbourn Ave.
“Partnering with Marquette University fits well with the mission and values of Town Bank and Wintrust,” said Jay Mack, president and chief executive officer of Town Bank. “Just as the university seeks to extend its boundaries beyond the campus, we, too, want to extend our presence beyond our brick and mortar branches.”