Wintrust strikes $510 million deal to accumulate Michigan financial institution

Big Red Lighthouse and Junior Sailing Club, Holland, Michigan
The Huge Purple Lighthouse and Junior Crusing Membership in Holland, Michigan. The $2.7 billion-asset Macatawa Financial institution Corp. there “gives a super platform to increase into West Michigan with a really stable financial institution,” Wintrust Monetary CEO Timothy Crane says.

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Wintrust Monetary in Rosemont, Illinois, has agreed to pay $510.3 million in inventory to purchase Macatawa Financial institution Corp. in Holland, Michigan.

Macatawa operates a community of 26 branches all through communities in Kent, Ottawa and northern Allegan counties in western Michigan, together with the Grand Rapids market. It has roughly $2.7 billion of belongings, $2.4 billion of deposits and $1.3 billion of loans.

It might be a part of the $56 billion-asset Wintrust’s cadre of 15 group banks within the Midwest. Wintrust has greater than 170 banking areas.

“Macatawa gives a super platform to increase into West Michigan with a really stable financial institution,” Timothy Crane, president and CEO of Wintrust, mentioned in a launch late Monday. “The financial institution has a robust core deposit base, distinctive asset high quality, a client-focused tradition and a dedicated management group.”

“Collectively, we will probably be a formidable, community-minded competitor to the opposite banks within the space,” Crane added. “We look ahead to the mixed synergies that our two corporations can notice whereas offering Macatawa’s prospects with an expanded array of services and products.”  

For Macatawa, the deal presents a possibility to hitch a bigger financial institution with greater lending limits and extra merchandise. 

“This partnership provides our prospects, staff and communities the long-term advantages that being a part of a profitable, rising and caring group brings,” Jon Swets, president and CEO of Macatawa, mentioned within the launch.

The deal “permits us to proceed specializing in serving our prospects and rising our presence by offering our prospects with entry to a wider vary of merchandise, companies and assets,” he mentioned. “We see many benefits for our prospects and shareholders.”

The transaction is predicted to shut within the second half of 2024 and isn’t anticipated to have a cloth impression on Wintrust’s 2024 earnings per share, based on the discharge.

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