HOLLAND, MI (WHTC-AM/FM, July 31, 2024) – The next step in Macatawa Bank no longer being a locally-based entity was taken on Wednesday.
During a special meeting of shareholders, those in attendance “overwhelmingly” voted to approve the acquisition of Macatawa by Wintrust Financial Corporation, with 95 percent of shares in favor.
In April, the two financial institutions announced plans to join forces, with Wintrust acquiring 26 full-services branches in Ottawa, Allegan and Kent Counties in a deal of over half a billion dollars. It has been reported that the Chicagoland-based entity, with $57 billion in assets and 170 banking locations in Illinois and Wisconsin, would not wipe out the Macatawa brand, which has been in the Lakeshore area for 27 years.
The results will be filed with the US Security and Exchange Commission as part of the effort by the regulatory agency to approve the merger, which is expected to be completed by the end of the year.
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