Key Developments For Macatawa Bank Corporation
Macatawa Bank Corporation (MCBC.O) (Nasdaq)
Macatawa Bank Corporation Announces New Chairman
The Board of Directors of Macatawa Bank Corporation has selected Richard L. Postma to be the new Chairman of Macatawa Bank Corp. He assumes the role of Chairman from Robert E. DenHerder, a founding Director of the Bank and who remains on the Board.
Macatawa Bank Corporation Announces Leadership Changes
Macatawa Bank Corporation announced changes to the Executive Management Team and the Board of Directors. Ronald L. Haan, currently Co-Chief Executive Officer of Macatawa Bank Corp. and Executive Vice-President of Macatawa Bank, has been appointed Interim Chairman, President and Chief Executive Officer of Macatawa Bank, and Interim Chief Executive Officer of Macatawa Bank Corporation. Haan also serves on the Corporation's Board of Directors and as Secretary-Treasurer of the Corporation. Haan replaces Philip J. Koning, who will remain with the Bank in the role of Executive Vice-President. Koning has also stepped down from his role as a director and Co-CEO of Macatawa Bank Corp. The Board also established a committee to conduct a search for a new CEO. Haan will be among the candidates considered for the permanent CEO position.
Macatawa Bank Corporation Announces Leadership Changes
Macatawa Bank Corporation announced leadership changes at the board and executive level, including the resignation of Benj. A Smith III as Chairman and CEO. Smith will continue to serve as director of the holding company and the bank. Robert E. DenHerder, currently a Director of the holding company and Macatawa Bank, has stepped into the role of Chairman. Bank President Phillip J. Koning and Ronald L. Haan, Executive Vice President, will share the newly created post of Office of the Chief Executive. In this role, they will be responsible for providing strategic direction, ongoing leadership and day-to-day operational oversight of Macatawa Bank Corp.
Macatawa Bank Corporation Reaches Preliminary Settlement In Trade Partners Suit-DJ
Dow Jones reported that Macatawa Bank Corporation disclosed it has reached a preliminary contingent settlement in legal proceedings regarding former trust customer Trade Partners Inc. Macatawa Bank said in a document filed with the Securities and Exchange Commission that the preliminary settlement provides that it will pay the plaintiffs $2.75 million in cash and issue common stock valued at $3 million and will issue three warrants for each share of common stock issued in the proposed settlement. The preliminary settlement provides further that the plaintiffs are to receive amounts collected by Macatawa Bank from other defendants up to $250,000. The Company's insurers will contribute $950,000 to the cash portion of the settlement. The settlement involves no admission of fault or wrongdoing, the filing said.
Macatawa Bank Corporation Restates Q2 Net Income To A Loss On Charges-Reuters
Reuters reported that Macatawa Bank Corporation restated its reported second-quarter earnings to a loss as it recorded more loan loss provisions and losses on foreclosed properties, and said it plans to temporarily suspend dividend. The Company said it will record a charge of $15 million in loan loss provisions and $878,000 in losses on foreclosed properties for the latest-reported second quarter. The additional provisions and losses will lower second-quarter earnings by $10.3 million, to a net loss of $8.1 million from a net income of $2.2 million. Macatawa Bank also said it would raise capital which is expected to conclude during the fourth quarter.
