May 6, 1999

Securities and Exchange Commission
Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for Wintrust Financial Corporation and,
under the date of March 19,  1999,  we  reported on the  consolidated  financial
statements of Wintrust Financial  Corporation and subsidiaries as of and for the
years ended  December 31, 1998 and 1997. On April 29, 1999,  our  appointment as
principal   accountants  was  terminated.   We  have  read  Wintrust   Financial
Corporation's  statements  included  under  Item 4 of its Form 8-K  dated May 6,
1999, and we agree with such statements, except that we are not in a position to
agree or disagree  with Wintrust  Financial  Corporation's  statements  that the
board of directors  approved the audit committee's  recommendation to engage the
accounting firm of Ernst & Young LLP as independent accountants.



Very truly yours,


/s/ KPMG LLP

Chicago, Illinois