05:35 AM EDT, 04/16/2024 (MT Newswires) -- (Updates with the stock move in the headline and the second paragraph.)

Wintrust Financial ( WTFC ) and Macatawa Bank Corp. ( MCBC ) said late Monday they have struck a merger agreement for Wintrust to buy Macatawa in an all-stock deal.

Shares of Macatawa surged more than 38% in premarket activity Tuesday.

The transaction values Macatawa at about $510.3 million, or $14.85 per share, the companies said.

The deal is expected to close in H2, subject to regulatory approval and approval by Macatawa's shareholders.