Wintrust (WTFC) Completes Acquisition of Macatawa for $510.3M [Yahoo! Finance]
Macatawa Bank Corporation (MCBC)
Last macatawa bank corporation earnings: 10/24 04:15 pm
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Source: Yahoo! Finance
The merger agreement, which is not expected to have a material effect on Wintrust's 2024 earnings, was signed this April. Headquartered in Holland, MI, Macatawa operates a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties, including Grand Rapids. As of Jun 30, 2024, Macatawa Bank had $2.7 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. Its approach to customer service is similar to that at each of the fifteen other Wintrust Community Banks and their more than 170 banking locations. Per the terms of the deal, at the time of the merger, each of Macatawa's 34,361,562 common shares outstanding were to be converted into the right to receive merger consideration paid in shares of Wintrust common stock. Accordingly, each of Macatawa's common shares outstanding was converted into the right to receive 0.137 shares of Wintrust common stock, with cash paid in lieu of fractional shares. Timothy S. Cran
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