Wintrust Agrees to Acquire Macatawa Bank for $510.3M

by Kristin Harlow

ROSEMONT, ILL. AND HOLLAND, MICH. — Wintrust Financial Corp. (NASDAQ: WTFC) and Macatawa Bank Corp. (NASDAQ: MCBC) have entered into a definitive merger agreement for Wintrust to acquire Macatawa in an all-stock transaction valued at $510.3 million. Macatawa is the parent company of Macatawa Bank, a Michigan state-chartered bank that is headquartered in Holland, Mich., and operates a network of 26 full-service branches. Macatawa, which was founded in 1997, had approximately $2.7 billion in assets, $2.4 billion in deposits and $1.3 billion in loans as of Dec. 31. The purchase price of $14.85 per share represents a nearly 50 percent premium to Macatawa’s closing stock price on Monday, April 15.

The transaction is subject to approval by banking regulators, approval of Macatawa’s shareholders and other customary closing conditions. The transaction is expected to close in the second half of 2024. Rosemont, Ill.-based Wintrust, which maintains approximately $57 billion in assets, operates 15 community bank subsidiaries with over 170 banking locations in the greater Chicago and southern Wisconsin markets.

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