Macatawa Bank stock moves higher on a merger announcement

Macatawa Bank (NASDAQ: MCBC) shares popped over 30% Monday after hours after the company and Wintrust Financial (NASDAQ: WTFC) announced an agreement for Wintrust to acquire Macatawa in an all-stock transaction.

The aggregate purchase price to Macatawa shareholders is currently estimated to be roughly $510.3 million, or $14.85 per share.

Timothy S. Crane, President and CEO of Wintrust, said, “Macatawa provides an ideal platform to expand into West Michigan with a very solid bank. The bank has a strong core deposit base, exceptional asset quality, a client focused culture, and a committed leadership team. Together, we will be a formidable, community-minded competitor to the other banks in the area. We look forward to the combined synergies that our two firms can realize while providing Macatawa’s customers with an expanded array of products and services.”  

The transaction is expected to close in the second half of 2024 and is not expected to have a material effect on Wintrust’s 2024 earnings per share.

Macatawa Bank has a 52-week high of $13.84 and a low of $8.31.