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Macatawa Bank redeems preferred securities

Macatawa Bank Corp. redeemed all of the $20.0 million of trust preferred securities of Macatawa Statutory Trust I and $619,000 in common securities issued by Trust I and held by Macatawa through payments made to the trustee.

The redemption was concurrent with the redemption of 100% of the company's junior subordinated debentures due 2033.

As a result, the proceeds from the redemption of the junior subordinated debentures were used to redeem all of the outstanding common securities and the outstanding trust preferred securities at 100% of the aggregate liquidation amount of the trust preferred securities plus accumulated but unpaid distributions up to, but not including, the redemption date of Dec. 31, 2019.