Macatawa Bank to be acquired by Wintrust for ~$510M ($14.85/sh) in stock

MACATAWA BANK CORP

Aggregate consideration ~$510.3M (~$14.85/sh) in Wintrust common stock; fixed within a $89.03-$113.03 collar.
Exchange ratio: 0.1314-0.1668 Wintrust shares per Macatawa share; reference price $101.03.
Macatawa Bank to retain separate charter, operate under Macatawa Bank name in Michigan post-merger.
Richard L. Postma expected to join Wintrust board; one Macatawa director seat offered.
Closing expected in H2 2024; subject to shareholder and regulatory approvals; termination fee $20.4M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MACATAWA BANK CORP entered into Agreement and Plan of Merger with Wintrust Financial Corporation valued at approximately $510.3 million (effective 2024-04-15).

Action: entry
Agreement: merger
Counterparty: Wintrust Financial Corporation
Value: approximately $510.3 million
Effective: 2024-04-15

Exact text from the filing

On April 15, 2024, Macatawa Bank Corporation (“ Macatawa ”) and Wintrust Financial Corporation (“ Wintrust ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”).

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Source: SEC EDGAR

accession 0000905729-24-000065

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