By Devika Patel
Knoxville, Tenn., July 2 - Macatawa Bank Corp. raised $3.85 million in a private placement of stock, series B noncumulative convertible perpetual preferred stock and 11% subordinated notes due 2017 on June 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 183,333 common shares at $3.00 per share for $550,000, 2,350 preferreds at $1,000.00 apiece for $2.35 million and $950,000 of notes.
The 9% preferreds are convertible into common stock at $6.00 per share. The company may force conversion after July 31, 2012 under certain circumstances.
The notes mature on Aug. 31, 2017. Interest is payable quarterly. The company may redeem the notes after July 31, 2012.
Macatawa is a Holland, Mich.-based financial holding company.
| Issuer: | Macatawa Bank Corp.
|
| Issue: | Common shares
|
| Amount: | $3.85 million
|
| Warrants: | No
|
| Settlement date: | June 30
|
| Stock symbol: | Nasdaq: MCBC
|
| Stock price: | $2.82 at close June 30
|
| Market capitalization: | $47.4 million
|
|
|
| Common stock
|
| Amount: | $550,000
|
| Shares: | 183,333
|
| Price: | $3.00
|
|
|
| Preferreds
|
| Amount: | $2.35 million
|
| Shares: | 2,350
|
| Price: | $1,000.00
|
| Dividends: | 9%
|
| Conversion price: | $6.00
|
|
|
| Notes
|
| Amount: | $950,000
|
| Maturity: | Aug. 31, 2017
|
| Coupon: | 11%
|
| Price: | Par
|
| Yield: | 11%
|
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