Macatawa Bank Corporation MCBC shares are trading higher after-hours after Wintrust Financial Corporation WFTC and Macatawa Bank announced that they have entered into a definitive merger agreement for Wintrust to acquire Macatawa in an all-stock transaction.
The Details:
Subject to the merger agreement, the aggregate purchase price to Macatawa shareholders is currently estimated to be approximately $510.3 million, or $14.85 per share. The transaction is expected to close in the second half of 2024.
“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. This partnership offers our customers, employees and communities the long-term benefits that being part of a successful, growing and caring organization brings,” stated Jon W. Swets, CEO of Macatawa.
“Wintrust provides Macatawa with the ability to retain and enhance its uniquely personalized consumer and commercial community presence in the West Michigan area by retaining the Macatawa Bank name, its key employees, branches, and a legally constituted community bank board, as a separately chartered bank,” said Richard L. Postma, Chairman of the Board of Macatawa.
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MCBC Price Action: According to Benzinga Pro, Macatawa Bank shares are up 40.1% after-hours at $13.91 at the time of publication Monday.
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