Wintrust Financial Completes $510 Million Merger with Macatawa Bank Corporation

Wintrust Financial Corporation has completed its merger with Macatawa Bank Corporation in a transaction valued at approximately $510.3 million, equivalent to $14.85 per share of Macatawa stock. The Illinois-based financial holding company announced the closing in a statement published on GlobeNewswire on 1 August 2024, completing an acquisition that extends Wintrust's community banking footprint into Michigan.

With the acquisition finalised, Wintrust now operates sixteen community bank subsidiaries with a combined network of over 200 banking locations. Macatawa Bank is headquartered in western Michigan.

MACATAWA RETAINS SEPARATE CHARTER AND BRAND

Macatawa Bank will retain its name and continue to operate as a separately chartered bank regulated under Michigan banking law following the merger.

BACKGROUND AND DEAL TERMS

The Macatawa merger follows earlier acquisitions through which Wintrust expanded its reach across Illinois, Wisconsin and Florida. The group focuses primarily on community banking, specialty finance and wealth management.

As of 30 June 2024, Macatawa Bank had approximately $2.7 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. Wintrust said the transaction was not expected to have a material effect on its 2024 earnings per share. Macatawa shareholders received 0.137 Wintrust shares for each Macatawa share.