On December 31, 2019, Macatawa Bank Corporation (“Macatawa”) submitted payment to the trustee to redeem all of the $20.0 million of trust preferred securities of Macatawa Statutory Trust I (“Trust I”), dated July 15, 2003. The trust preferred securities were redeemed, along with $619,000 in common securities issued by Trust I and held by Macatawa, as a result of the concurrent redemption of 50% of the Company’s junior subordinated debentures due 2033 and held by Trust I, which underlied the trust preferred securities. The redemption price for the junior subordinated debentures was equal to 50% of the principal amount plus accrued interest up to, but not including, the redemption date. The proceeds from the redemption of the junior subordinated debentures were simultaneously applied to redeem all of the outstanding common securities and the outstanding trust preferred securities at a price of 50% of the aggregate liquidation amount of the trust preferred securities plus accumulated but unpaid distributions up to, but not including, the redemption date. The December 31, 2019 redemption was executed to the optional redemption provisions of the underlying indenture.

About MACATAWA BANK CORPORATION (NASDAQ:MCBC)

Macatawa Bank Corporation is a bank holding company. The Company owns Macatawa Bank (the Bank). The Company focuses on commercial banking. It also offers automated teller machines (ATMs), Internet banking, telephone banking and debit cards. It offers personal trust services, which include financial planning, investment management services, trust and estate administration, and custodial services. The Company’s retirement plan services provide various types of qualified retirement plans, including profit sharing, 401(k) and pension plans. Through its subsidiary, Macatawa Bank, the Company offers a range of commercial and personal banking services, including checking, savings and certificates of deposit accounts, cash management, safe deposit boxes, trust services and commercial, mortgage and consumer loans through over 30 branch offices, and a lending and operation service facility in Ottawa County, Kent County and northern Allegan County, Michigan.