Wintrust Financial Corporation acquires Macatawa Bank in $510.3 Million Deal
Learn about Wintrust Financial Corporation's plans to acquire Macatawa Bank Corporation for $510.3 million, pending regulatory and shareholder approval.
Wintrust Financial Corporation has announced its plans to acquire Macatawa Bank Corporation in a deal valued at approximately $510.3 million, equating to $14.85 per share. However, this amount is still subject to potential adjustments before the acquisition is finalized. The transaction is contingent upon approval from banking regulators and Macatawa’s shareholders, with the aim of completing the deal in the second half of 2024.
Established in 1997, Macatawa Bank currently operates a network of 26 full-service branches across Ottawa, Kent, and northern Allegan counties in Michigan. As of December 31, 2023, the bank reported managing approximately $2.7 billion in assets, $1.3 billion in loans, and $2.4 billion in deposits. On the other hand, Wintrust Financial Corporation boasts assets totaling around $57 billion and operates fifteen community bank subsidiaries with over 170 banking locations in the greater Chicago and southern Wisconsin market areas.
This strategic acquisition by Wintrust is expected to enhance its presence in the Michigan market and strengthen its position as a leading financial institution in the region. The merger will also provide Macatawa Bank customers with access to a wider range of products and services offered by Wintrust, further solidifying the company's commitment to delivering exceptional banking solutions to its clients.
The acquisition of Macatawa Bank Corporation by Wintrust Financial Corporation represents a significant milestone for both organizations, signaling a new chapter of growth and expansion in the banking industry. With the combined expertise and resources of these two reputable institutions, customers can look forward to a seamless transition and continued excellence in financial services.
Wintrust Financial Corporation acquires Macatawa Bank in $510.3 Million Deal
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