## Wintrust Financial to Acquire Macatawa Bank in $510 Million Deal
Macatawa Bank Corporation (MCBC) shares surged in after-hours trading on Monday following the announcement of a definitive merger agreement with Wintrust Financial Corporation (WFTC). Under the terms of the agreement, Wintrust will acquire Macatawa in an all-stock transaction valued at approximately $510.3 million, or $14.85 per share. The transaction is expected to close in the second half of 2024.
Both companies expressed enthusiasm about the merger, highlighting their shared commitment to community banking. Jon W. Swets, CEO of Macatawa, stated that the partnership offers customers, employees, and communities "the long-term benefits that being part of a successful, growing and caring organization brings." Richard L. Postma, Chairman of the Board of Macatawa, emphasized that Wintrust will allow Macatawa to retain its unique identity and local presence in West Michigan.
Following the announcement, MCBC shares jumped 40.1% in after-hours trading, reaching $13.91 at the time of publication. This surge reflects investor confidence in the potential benefits of the merger for Macatawa shareholders.