Wintrust Financial Agrees $510 Million All-Stock Acquisition of Michigan's Macatawa Bank

Wintrust Financial Corporation announced on 15 April 2024 an agreement to acquire Macatawa Bank Corporation in an all-stock transaction valued at approximately $510.3 million.

The transaction is structured entirely in stock, with Macatawa Bank shareholders receiving Wintrust shares as consideration. The deal implies a price-to-tangible common equity ratio of 177.7 per cent.

MACATAWA BRINGS $2.7 BILLION IN MICHIGAN ASSETS

Macatawa Bank, headquartered in Holland, Michigan, had approximately $2.7 billion in total assets as of 31 December 2023 and operates 26 branch locations concentrated in the western Michigan region.

Wintrust is headquartered in Rosemont, Illinois, and its community banking network is anchored in the Chicago metropolitan area and the broader upper Midwest.

APPROVALS

Wintrust indicated that the transaction is subject to the receipt of customary regulatory approvals and the consent of Macatawa Bank's shareholders.