US-based financial holding company Wintrust Financial has completed its previously announced $510m acquisition of Macatawa Bank.
Based in Michigan, US, Macatawa Bank provides a portfolio of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities.
It has a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties.
Macatawa Bank has nearly $2.7bn in assets, $2.3bn in deposits and $1.3bn in loans as of 30 June 2024.
Macatawa Bank board chairman Richard Postma said: “Wintrust provides Macatawa Bank with the ability to retain and enhance its uniquely personalised consumer and commercial community presence in the West Michigan area by retaining the Macatawa Bank name, its key employees, branches, and a legally constituted community bank board, as a separately chartered bank and the only Wintrust subsidiary bank located within the State of Michigan.”
Under the terms of the all-stock transaction announced in April 2024, each of Macatawa Bank’s 34.3 million common shares at the time of the merger were converted into the right to receive shares of Wintrust Financial’s common stock.
In line with this, each common share of Macatawa Bank at the time of the merger was converted into the right to receive 0.137 shares of Wintrust Financial common stock, with cash paid in lieu of fractional shares.
According to Wintrust Financial, Macatawa Bank’s approach to customer service is similar to that of each of the fifteen other Wintrust community banks and their over 170 banking locations.
Wintrust Financial president and CEO Timothy Crane said: “Macatawa Bank 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.”
For the transaction, Morgan Stanley & Co was the financial adviser to Macatawa Bank while Warner Norcross + Judd served as their legal adviser. ArentFox Schiff acted as legal adviser to Wintrust.
