Macatawa Bank surges on $510 mln buyout deal with Wintrust Financial

Macatawa Bank

16/04/2024 11:01

** Shares of community lender Macatawa Bank  MCBC.O  jump
39% to $13.81 premarket
    ** Wintrust Financial  WTFC.O  has agreed to buy Macatawa
Bank for $510.3 mln in an all-stock deal, the companies said
late Monday
    ** Macatawa shareholders will receive $14.85/shr, which
represents a 49.5% premium to the stock's last close
    ** The deal, which is expected to close in the second half
of 2024, will help Wintrust expand into West Michigan
    ** Holland, Michigan-based Macatawa had nearly $2.7 bln in
assets, $2.4 bln in deposits, and $1.3 bln in loans at the end
of 2023
    ** Morgan Stanley acted as the financial advisor to Macatawa
    ** As of last close, MCBC shares down 12% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))