Wintrust Financial Corporation Completes Its Merger With Macatawa Bank Corporation

Core Viewpoint - Wintrust Financial Corporation has successfully completed the acquisition of Macatawa Bank Corporation in an all-stock transaction valued at approximately $510.3 million, enhancing Wintrust's presence in West Michigan [1][4]. Company Overview - Wintrust Financial Corporation is a financial holding company with approximately$62 billion in assets and operates 16 community bank subsidiaries across various regions, including greater Chicago and West Michigan [6]. - Macatawa Bank, founded in 1997, has around $2.7 billion in assets,$2.3 billion in deposits, and $1.3 billion in loans as of June 30, 2024, and operates 26 full-service branches [2][8]. Transaction Details - The merger involved converting each of Macatawa's 34,361,562 common shares into the right to receive 0.137 shares of Wintrust common stock, with a cash payment for fractional shares [4]. - The transaction is not expected to materially affect Wintrust's earnings per share for 2024 [4]. Leadership and Cultural Integration - Wintrust's CEO Timothy S. Crane emphasized that Macatawa Bank's strong core deposit base and client-focused culture will enhance Wintrust's competitive position in the area [3]. - Richard L. Postma, former Chairman of Macatawa, will join Wintrust's Board of Directors, ensuring continuity in leadership and community presence [3]. Strategic Benefits - The merger allows Wintrust to retain the Macatawa Bank name and key employees, maintaining its community banking identity while providing enhanced services and technology [3]. - The integration aims to combine similar cultures and operating philosophies, benefiting both consumer and commercial clients [3].