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Wintrust to Acquire Macatawa Bank for $510M
Wintrust Financial Corporation and Holland, MI-based Macatawa Bank Corporation have entered into a definitive merger agreement for Wintrust to acquire Macatawa in an all-stock transaction valued at approximately $510.3 million.
Macatawa is the parent company of Macatawa Bank, a Michigan state-chartered bank with approximately $2.7 billion in assets, $2.4 billion in deposits and $1.3 billion in loans as of Dec. 31, 2023. Like Wintrust, Macatawa serves both consumer and commercial clients.
Timothy S. Crane, president and CEO of Rosemont, IL-based Wintrust, said, “Macatawa provides an ideal platform to expand into West Michigan with a very solid bank. The bank has a strong core deposit base, exceptional asset quality, a client focused culture, and a committed leadership team. Together, we will be a formidable, community-minded competitor to the other banks in the area.”
Post-merger, Macatawa will retain the Macatawa Bank name, its key employees and 26 branches as a separately chartered bank.
Photo courtesy of Valenti Builders.
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- ◦Sale/Acquisition
