Wintrust Bank is buying a Michigan-based bank for $510.3 million, expanding its presence further across the Midwest into the Wolverine State.
The Rosemont-based bank, which has branches in Dyer, Crown Point and across the south suburbs, has a footprint that stretches across Illinois, Indiana, Wisconsin and Iowa. It will buy Holland, Mich.-based Macatawa Bank in an all-stock transaction for $14.85 per share. It reached a definitely merge agreement with the Michigan state-chartered bank with 26 branches in Kent, Ottawa and Allegan counties, including in Grand Rapids, Michigan’s second largest city.
Macatawa was founded in 1997 and has grown to have $2.7 billion in assets, $2.4 billion in deposits and $1.3 billion in loans.
“Macatawa provides an 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,” Wintrust President and CEO Timothy Crane said. “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.”
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Wintrust has 170 branches across the Midwest. It will preserve the Macatawa brand, as it has with many of its community banks, including First National Bank of Illinois in downtown Lansing.
Jon Swets, the president and CEO of Macatawa, said the two banks are a good fit.
“This transaction brings together two companies that share a core community banking philosophy. Wintrust’s track record of serving families, individuals and businesses with exemplary products and services make it an attractive partner,” he said.
The transaction is expected to close later this year if approved by regulators.
