Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 98

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 98
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 stock, the fair value of consideration paid was $499.3 million. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had approximately $2.7 billion in assets, $2.3 billion in deposits and $1.4 billion in loans. In conjunction with the acquisition, the Company recorded $53.7 million discount on acquired loans, $33.5 million discount on securities and recorded total intangibles of $253.0 million. During 2024, the Company incurred $4.3 million in acquisition expenses related to the acquisition of Macatawa. The fair value estimates of the loans acquired are subject to adjustment up to one year after the closing date of the acquisition as additional information becomes available.On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. (collectively, “Rothschild & Co Asset Management  U.S.”). As of the acquisition date, the Company acquired approximately $12.6 million in net assets. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase.

(8) Goodwill and Other Acquisition-Related Intangible Assets

A summary of the Company’s goodwill assets by business segment is presented in the following table:(In thousands)January 1,2024GoodwillAcquiredImpairmentLossGoodwill AdjustmentsDecember 31, 2024Community banking$545,671 $142,083 $— $— $687,754 Specialty finance39,006 — — (1,813)37,193 Wealth management71,995 — — — 71,995 Total$656,672 $142,083 $— $(1,813)$796,942 The community banking unit’s goodwill increased $142.1 million in 2024 as a result of the Macatawa acquisition. The specialty finance segment’s goodwill decreased $1.8 million in 2024 as a result of foreign currency translation