Wintrust Financial Corporation Announces Proposed Acquisition of Macatawa Bank Corporation

Wintrust Financial Corporation, a leading financial services holding company based in Rosemont, Illinois, has announced its intention to acquire Macatawa Bank Corporation, a Michigan-based bank holding company, in a strategic move to expand its presence in the Midwest region.

The proposed acquisition, which is subject to regulatory approval and customary closing conditions, is expected to close in the fourth quarter of 2024.

Under the terms of the agreement, Macatawa Bank Corporation shareholders will receive a combination of cash and Wintrust common stock for each share of Macatawa common stock they own. The transaction, valued at approximately $450 million, will strengthen Wintrust's position as a prominent player in the banking industry and provide Macatawa Bank customers with access to a broader range of financial products and services.

Edward J. Wehmer, President and CEO of Wintrust Financial Corporation, expressed enthusiasm about the proposed acquisition, stating, "We are excited about the opportunity to partner with Macatawa Bank Corporation and expand our presence in Michigan. This acquisition aligns with our strategic growth objectives and will enable us to better serve the financial needs of businesses and individuals in the region."

Ronald L. Haan, President and CEO of Macatawa Bank Corporation, also commented on the transaction, saying, "We believe this partnership with Wintrust will provide significant benefits to our customers, employees, and shareholders. Wintrust's commitment to exceptional customer service and community involvement aligns well with our values, and we look forward to working together to create a stronger banking organization."

Why this matters:The proposed acquisition of Macatawa Bank Corporation by Wintrust Financial Corporation signifies an important event in the banking industry, with possible consequences for customers and the wider financial environment in the Midwest region. The transaction highlights the ongoing trend of consolidation in the banking sector as institutions seek to expand their reach and enhance their competitive position.

The combined organization will have assets of approximately $58 billion and a network of over 200 banking locations across Illinois, Wisconsin, Indiana, and Michigan. Wintrust Financial Corporation plans to retain key Macatawa Bank employees and maintain a strong presence in the Michigan market, ensuring a smooth transition for customers and continuity of service. As Wehmer stated, "We are committed to building upon Macatawa Bank's strong reputation and deep community roots, and we look forward to serving our new customers with the same level of dedication and expertise that Wintrust is known for."

Key Takeaways

• Wintrust Financial will acquire Macatawa Bank in $450M deal to expand in the Midwest
• Macatawa shareholders will receive cash and Wintrust stock; the deal expected to close Q4 2024
• The acquisition aligns with Wintrust's strategic growth objectives and enhances customer offerings
• Combined entity to have $58B in assets and over 200 banking locations in 4 states
• Wintrust to retain Macatawa employees and maintain a strong presence in Michigan market