Rosemont, Ill.-based Wintrust Financial Corp. is acquiring Holland, Mich.-based Macatawa Bank Corp. in a $510 million, all-stock transaction.
Macatawa Bank will become the $57 billion Wintrust’s 16th community bank subsidiary and first in Michigan. As of Dec. 31, Macatawa Bank had $2.7 billion in assets, $2.4 billion in deposits and $1.3 billion in loans. The bank has 26 branches in Kent, Ottawa and northern Allegan counties, including Grand Rapids.
Macatawa CEO Jon Swets said the deal will allow customers to access more resources, products and services. Wintrust President and CEO Timothy Crane said Macatawa provided the “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,” Crane added. “Together, we will be a formidable, community-minded competitor to the other banks in the area. We look forward to the combined synergies that our two firms can realize while providing Macatawa’s customers with an expanded array of products and services.”
The transaction is expected to close in the second half of this year. Macatawa Bank is expected to retain its name, key employees, branches and a legally constituted community bank board as a separately chartered bank.
Morgan Stanley & Co. served as financial advisor and Grand Rapids-based Warner Norcross + Judd LLP was legal adviser to Macatawa. Washington, D.C.-based ArentFox Schiff LLP was legal adviser to Wintrust.