By Devika Patel
Knoxville, Tenn., Nov. 5 - Macatawa Bank Corp. completed a $26.19 million private placement of its 12% series A noncumulative convertible perpetual preferred stock on Nov. 5, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 26,190 preferreds at $1,000 apiece. Each preferred is convertible into common stock at $8.95 per share.
The company may force conversion under certain circumstances any time after Oct. 31, 2011.
Macatawa is a Holland, Mich.-based financial holding company.
| Issuer: | Macatawa Bank Corp.
|
| Issue: | Series A noncumulative convertible perpetual preferred stock
|
| Amount: | $26.19 million
|
| Shares: | 26,190
|
| Price: | $1,000
|
| Dividends: | 12%
|
| Conversion price: | $8.95
|
| Warrants: | No
|
| Settlement date: | Nov. 5
|
| Stock symbol: | Nasdaq: MCBC
|
| Stock price: | $4.50 at close Nov. 5
|
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