EXHIBIT 23.1

                          CONSENT OF ERNST & YOUNG LLP





                                                                   EXHIBIT 23.1

                         CONSENT OF INDEPENDENT AUDITORS

         We consent to the incorporation by reference in the Registration
Statement on Form S-8 pertaining to the Wintrust Financial Corporation 1997
Stock Incentive Plan, of our report dated February 28, 2002, with respect to the
consolidated financial statements of Wintrust Financial Corporation incorporated
by reference in its Annual Report (Form 10-K) for the year ended December 31,
2001, filed with the Securities and Exchange Commission.

                                             /s/ ERNST & YOUNG LLP


Chicago, Illinois
July 23, 2002