Wintrust to acquire Macatawa Bank for ~$510M in stock; expected close in late 2024/early 2025

WINTRUST FINANCIAL CORP

Aggregate consideration $510.3M; $14.85/share based on 34.36M Macatawa shares outstanding as of April 12, 2024.
Exchange ratio collared: 0.1314-0.1668 Wintrust shares per Macatawa share based on closing price range $89.03-$113.03.
Macatawa Bank will keep separate charter and operate under its name in Michigan; Richard Postma to join Wintrust board.
Termination fee of $20.4M payable by Macatawa if deal terminated under certain conditions to accept a superior proposal.
Closing subject to Macatawa shareholder vote, regulatory approvals, and other customary conditions.

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

WINTRUST FINANCIAL CORP entered into Agreement and Plan of Merger with Macatawa Bank Corporation valued at $510.3 million (effective 2024-04-15).

Action: entry
Agreement: merger
Counterparty: Macatawa Bank Corporation
Value: $510.3 million
Effective: 2024-04-15

Exact text from the filing

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

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WINTRUST FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001104659-24-047276

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