Swets: CEO of Macatawa Bank to Retire After Wintrust Merger
Deal News | Jun 17, 2025 | EIN
Jon Swets, the CEO of Macatawa Bank, has announced his retirement set for August 1, a year after the successful merger of Macatawa Bank into Wintrust Financial Corporation. This $510.3 million merger was strategically executed to boost the bank's presence and capabilities, giving Macatawa access to larger client opportunities under the umbrella of Wintrust Financial. Swets, who has served as the CEO since November 2023 and spent 21 years as CFO, delayed his retirement to oversee the seamless integration and post-merger IT operations. The leadership transition will see Christopher Woelffer, a seasoned commercial banker, take over as CEO. Despite Swets stepping down, the management team, including President Jill Walcott, remains consistent, ensuring a stable direction for the bank as it seeks to expand its market presence in Michigan, especially in the Grand Rapids area. The merger affords new business capabilities and scalability, positioning Macatawa as one of Wintrust's 16 chartered banks in the US.
Sectors
- Banking
- Merger & Acquisition
Geography
- United States – Both Macatawa Bank and Wintrust Financial are based in the United States, with operations across Michigan, Illinois, and Wisconsin.
- Michigan – Macatawa Bank operates primarily in Michigan, where it aims to enhance its market share.
Industry
- Banking – The article discusses the merger and leadership changes within Macatawa Bank, which is part of the banking industry.
- Merger & Acquisition – The core subject of the article is the merger between Macatawa Bank and Wintrust Financial Corporation.
Financials
- $510.3 million – The value of the merger between Macatawa Bank and Wintrust Financial Corporation.
- $3.31 billion – Total assets of Macatawa Bank as of March 31.
- $2.75 billion – Total deposits of Macatawa Bank as of March 31.
- $9.89 million – Net income of Macatawa Bank reported for the first quarter.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Macatawa Bank | Target Company | Company | A community bank based in Michigan, recently merged into Wintrust Financial. |
| Wintrust Financial Corporation | Bidding Company | Company | A financial services company based in Rosemont, Illinois, acquiring Macatawa Bank. |
| Jon Swets | Outgoing CEO | Person | CEO of Macatawa Bank, announcing his retirement. |
| Christopher Woelffer | Incoming CEO | Person | Set to succeed Jon Swets as CEO of Macatawa Bank. |
| Jill Walcott | President of Macatawa Bank | Person | Continues as President at Macatawa Bank post-merger. |