Macatawa Bank 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
(State or Other Jurisdiction
(Commission File Number)
|10753 Macatawa Drive, Holland, MI
(Address of principal executive
Registrants telephone number, including area code (616) 820-1444
(Former name or former address, if changed since last year)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[_] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Macatawa Bank Corporation (the "Company") reported today that it has withdrawn its application to participate in the Treasury's TARP Capital Purchase Program. Since the submission of the Company's application, TARP has evolved and changed significantly. In light of these changes and the Company's demonstrated ability to raise private capital, the Board of Directors and senior management team have determined that it would not be in the best interest of the Company's shareholders to participate in the TARP program.
As recently as in the fourth quarter of 2008 the Company has shown its ability to raise private capital if that becomes necessary or appropriate. Management believes this is a better alternative for the Company and shareholders should the need to raise additional capital arise in the future.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 27, 2009
|MACATAWA BANK CORPORATION
By: /s/ Jon W. Swets
Jon W. Swets
Chief Financial Officer