Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides commercial and consumer banking and trust services. The company accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits. Its loan products include commercial and industrial loans comprising loans to finance operations and equipment; commercial real estate loans, which consist of construction and development, and multi-family and other non-residential real estate loans; and residential mortgage loans, as well as consumer loans, including automobile loans, home equity lines of credit and installment loans, home improvement loans, deposit account loans, and other loans for household and personal purposes. The company also offers ATM and debit card processing, cash management, trust and brokerage, and ecommerce services. It serves individuals, businesses, associations, churches, nonprofit organizations, financial institutions, and government authorities. As of January 28, 2021, the company had 26 full-service branches in Kent, Ottawa, and northern Allegan counties, Michigan. Macatawa Bank Corporation was incorporated in 1997 and is based in Holland, Michigan.
IPO Year:
Exchange: NASDAQ
Website: macatawabank.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 4/29/2024 | $12.00 → $15.00 | Mkt Perform → Outperform | Keefe Bruyette |
| 12/20/2023 | $11.00 → $12.50 | Market Perform → Outperform | Hovde Group |
| 8/30/2023 | $11.00 | Buy | Janney |
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HOLLAND, Mich., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corp. and Macatawa Bank today announced Ronald L. Haan will retire Nov. 1 after more than 18 years of leadership and service at Macatawa. The board has appointed Jon Swets as president and CEO and Bryan Barker as chief financial officer effective at that time. Swets, who joined Macatawa Bank in 2002 to serve as senior vice president and chief financial officer, brings more than two decades of banking and leadership experience with Macatawa Bank to the position. Barker, an experienced CPA who joined Macatawa Bank in 2010 as senior accounting and reporting manager, will move into Swets's former role. Haan, appointed president
HOLLAND, Mich., April 25, 2024 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share on its common stock to be paid on May 30, 2024 to shareholders of record on May 13, 2024. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and commerci
HOLLAND, Mich., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share on its common stock to be paid on February 28, 2024 to shareholders of record on February 13, 2024. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail a
HOLLAND, Mich., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share on its common stock to be paid on November 29, 2023 to shareholders of record on November 14, 2023. This quarter's dividend payment represents a 12% increase from the previous quarterly dividend rate of $0.08 per share. "We are pleased to provide an increase in the amount of the dividend payment to our shareholders," said Jon Swets, incoming President and CEO of the Company. "Both the continued growth in Company earnings performance and our strong capital position make t
HOLLAND, Mich., July 27, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its common stock to be paid on August 30, 2023 to shareholders of record on August 15, 2023. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and com
HOLLAND, Mich., April 27, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its common stock to be paid on May 30, 2023 to shareholders of record on May 15, 2023. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and commerci
HOLLAND, Mich., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its common stock to be paid on February 28, 2023 to shareholders of record on February 13, 2023. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of bankin
HOLLAND, Mich., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its common stock to be paid on November 30, 2022 to shareholders of record on November 15, 2022. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of bank
HOLLAND, Mich., July 28, 2022 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its common stock to be paid on August 25, 2022 to shareholders of record on August 11, 2022. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and c
HOLLAND, Mich., April 28, 2022 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its common stock to be paid on May 26, 2022 to shareholders of record on May 12, 2022. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and commer
HOLLAND, Mich., April 28, 2022 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC), the holding company for Macatawa Bank (collectively, the "Company"), today announced its results for the first quarter 2022. Net income of $6.0 million in first quarter 2022 versus $7.8 million in first quarter 2021Decline in first quarter 2022 earnings from prior year primarily due to decrease in Paycheck Protection Program ("PPP") loan fees recognized and lower mortgage banking incomeProvision for loan losses benefit of $1.5 million in first quarter 2022 reflecting improvement in economic conditions and net recoveries of $227,000 for the quarterLoan portfolio balances, excluding PPP loans, up by
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Keefe Bruyette upgraded Macatawa Bank Corporation from Mkt Perform to Outperform and set a new price target of $15.00 from $12.00 previously
Hovde Group upgraded Macatawa Bank Corporation from Market Perform to Outperform and set a new price target of $12.50 from $11.00 previously
Janney initiated coverage of Macatawa Bank Corporation with a rating of Buy and set a new price target of $11.00
HOLLAND, Mich., July 31, 2024 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC), the holding company for Macatawa Bank (collectively, the "Company"), today announced that at the Special Meeting of Shareholders (the "Special Meeting") held earlier today, Macatawa shareholders overwhelmingly voted to approve the acquisition of Macatawa by Wintrust Financial Corporation ("Wintrust") (NASDAQ:WTFC). "We are very pleased with the confidence our shareholders have expressed in this transaction, as 95 percent of shares voted were in favor of this transaction," said Richard L. Postma, Chairman of the Board of Macatawa. "The reaction we have received from our customers, our community and o
HOLLAND, Mich., April 25, 2024 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share on its common stock to be paid on May 30, 2024 to shareholders of record on May 13, 2024. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and commerci
HOLLAND, Mich., April 25, 2024 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC), the holding company for Macatawa Bank (collectively, the "Company"), today announced its results for the first quarter 2024. Net income of $9.8 million in first quarter 2024 – a decrease from $12.0 million earned in first quarter 2023 and an increase from $9.5 million earned in fourth quarter 2023Net interest margin of 3.26% in first quarter 2024 versus 3.44% in first quarter 2023 and 3.28% in fourth quarter 2023Continued loan portfolio growth – $3.8 million, or 1.1% annualized growth rate, for first quarter 2024, and $121.3 million, or 9.9%, in the last 12 monthsDeposit portfolio balances decrease
ROSEMONT, Ill. and HOLLAND, Mich., April 15, 2024 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (NASDAQ:WTFC) and Macatawa Bank Corporation ("Macatawa") (NASDAQ:MCBC) today jointly announced that they have entered into a definitive merger agreement for Wintrust to acquire Macatawa in an all-stock transaction. Macatawa is the parent company of Macatawa Bank, a Michigan state-chartered bank, which is headquartered in Holland, Michigan and operates a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties, including Grand Rapids. Founded in 1997, Macatawa has an exemplary history of serving its communities. As of Dec
HOLLAND, Mich., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share on its common stock to be paid on February 28, 2024 to shareholders of record on February 13, 2024. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail a
HOLLAND, Mich., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC), the holding company for Macatawa Bank (collectively, the "Company"), today announced its results for the fourth quarter and full year 2023. Full year net income of $43.2 million in 2023 – a 24% increase over $34.7 million in the prior yearNet income of $9.5 million in fourth quarter 2023 – a decrease from $12.1 million earned in fourth quarter 2022 and from $11.4 million earned in third quarter 2023Fourth quarter 2023 net income impacted by $1.3 million in non-recurring costs related to CEO retirement – after tax impact of $1.0 millionNet interest margin decreased to 3.28% in fourth quarter 2023 ver
HOLLAND, Mich., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share on its common stock to be paid on November 29, 2023 to shareholders of record on November 14, 2023. This quarter's dividend payment represents a 12% increase from the previous quarterly dividend rate of $0.08 per share. "We are pleased to provide an increase in the amount of the dividend payment to our shareholders," said Jon Swets, incoming President and CEO of the Company. "Both the continued growth in Company earnings performance and our strong capital position make t
HOLLAND, Mich., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC), the holding company for Macatawa Bank (collectively, the "Company"), today announced its results for the third quarter 2023. Net income of $11.4 million in third quarter 2023 – an increase of 13.6% over $10.0 million earned in third quarter 2022 and up 10.7% from $10.3 million earned in second quarter 2023Net interest margin increased to 3.35% in third quarter 2023 versus 2.86% in third quarter 2022 and decreased slightly from 3.36% in second quarter 2023Continued loan portfolio growth – $19.7 million, or 6% annualized growth rate, for the third quarter 2023, and $152.6 million, or 13.4%, in the las
HOLLAND, Mich., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corp. and Macatawa Bank today announced Ronald L. Haan will retire Nov. 1 after more than 18 years of leadership and service at Macatawa. The board has appointed Jon Swets as president and CEO and Bryan Barker as chief financial officer effective at that time. Swets, who joined Macatawa Bank in 2002 to serve as senior vice president and chief financial officer, brings more than two decades of banking and leadership experience with Macatawa Bank to the position. Barker, an experienced CPA who joined Macatawa Bank in 2010 as senior accounting and reporting manager, will move into Swets's former role. Haan, appointed president
HOLLAND, Mich., July 27, 2023 (GLOBE NEWSWIRE) -- Macatawa Bank Corporation (NASDAQ:MCBC) (the "Company" or "Macatawa") today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its common stock to be paid on August 30, 2023 to shareholders of record on August 15, 2023. Macatawa has continued to produce favorable results. This dividend reflects the strong financial condition and earnings performance of the Company. About Macatawa Bank CorporationMacatawa Bank Corporation is the bank holding company for its wholly-owned subsidiary bank, Macatawa Bank. Headquartered in Holland, Mich., Macatawa Bank offers a full range of banking, retail and com
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