Wintrust to buy regional lender Macatawa for $510.3 mln

Macatawa Bank

15/04/2024 22:05

April 15 (Reuters) - Wintrust Financial Corp  WTFC.O 
will acquire Macatawa Bank Corp  MCBC.O  for $510.3 million in
an all-stock transaction, the companies announced on Monday,
helping expand in Michigan. 
    The transaction is expected to close in the second half of
2024, and the proposed deal will fetch Macatawa shareholders
about $14.85 per share, a premium of 49.5% over Monday's close. 
    Shares of Macatawa jumped about 40% in aftermarket. 
    After a nearly two-year dry spell, mergers and acquisitions
are bouncing back in 2024 on strong expectations of interest
rate cuts and a rally in the markets. 
    The deal will help Wintrust expand its footprint in West
Michigan, CEO Timothy Crane said. 
    Morgan Stanley is the financial adviser to the deal.   

 (Reporting by Pritam Biswas in Bengaluru; Editing by Alan
Barona)
 ((Pritam.Biswas@thomsonreuters.com;))