Macatawa Bank merger positions Wintrust as new competitor in West Michigan

Wintrust Financial Corp., headquartered in Rosemont, Illinois, has expanded its footprint into West Michigan through the acquisition of Macatawa Bank Corp. for $510.3 million. This strategic transaction, completed on August 1, 2024, underlines Wintrust Financial's ambitions to grow its presence in Michigan, using the 26 branches of Macatawa Bank in Ottawa, Kent, and Allegan counties as a foundation. Unlike typical bank mergers, Macatawa Bank retains its name and now benefits from the extensive resources of a larger corporate entity, positioning it to enhance its competitiveness in the local market. This significant deal has been recognized as the Crain's Grand Rapids Business 2025 M&A Deal of the Year in the banking/finance category. Macatawa Bank, founded in 1997 and based in Holland, Michigan, had $3.28 billion in total assets, $2.73 billion in deposits, and $16.2 million in net income by the end of the previous year. Wintrust Financial, with a substantial asset and deposit base, expressed its strategy to utilize Macatawa Bank as a platform for further M&A activity and organic growth across Michigan.