The Bank Slate


Wintrust to buy Macatawa in Michigan for $510 million

Wintrust Financial in Rosemont, Ill., has agreed to buy Macatawa Bank in Holland, Mich.

The $57 billion-asset Wintrust said in a press release that it will pay $510.3 million in stock for the $2.7 billion-asset Macatawa. The deal is expected to close in the second half of this year.

Macatawa has 26 branches, $2.4 billion of deposits and $1.3 billion of loans.

“Macatawa provides an ideal platform to expand into west Michigan with a very solid bank,” Timothy Crane, Wintrust’s president and CEO, said in the release.

“The bank has a strong core deposit base, exceptional asset quality, a client focused culture, and a committed leadership team,” Crane added. “Together, we will be a formidable, community-minded competitor to the other banks in the area.”

Macatawa Bank will keep its name and operate as a separately chartered bank. Richard Postma, Macatawa’s chairman, will join Wintrust’s board.

Morgan Stanley and Warner Norcross + Judd advised Macatawa. ArentFox Schiff advised Wintrust.

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