MACATAWA BANK CORP
macatawabank.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2024 10-Q, filed Apr 25, 2024. Its latest SEC filing is a SCHEDULE 13G/A from Nov 15, 2024.
10-Q for Q1 FY2024, filed Apr 25, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides commercial and consumer banking, including business loans, home loans, deposit accounts and trust services, to individuals and businesses in western Michigan.
10-K for FY2023, filed Feb 15, 2024Macatawa Bank Corporation is a Michigan corporation, incorporated in 1997, and is a registered bank holding company. It wholly owns…View ↗
We have historically offered a broad range of loan products to business customers, including commercial and industrial and commercial real…View ↗
We offer a broad range of deposit services, including checking accounts, savings accounts and time deposits of various types. Transaction…View ↗
How Did They Make Money?
Most income comes from interest on loans, securities and other financial instruments under their contract terms. The bank also earns fees for deposit services, trust services and card transactions, generally charged periodically or based on activity.
10-K for FY2023, filed Feb 15, 2024The Company’s primary sources of revenue are derived from interest and dividends earned on loans, securities and other financial…View ↗
The Company generally satisfies its performance obligations on contracts with customers as services are rendered, and the transaction…View ↗
Interest Income: The Company’s largest source of revenue is interest income which is primarily recognized on an accrual basis based on…View ↗
Noninterest Revenue: The Company derives the majority of its noninterest revenue from: (1) service charges for deposit related services…View ↗
$113.8M
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10-K for FY2023, filed Feb 15, 2024
$113.8M ↗
Who Were Their Customers?
Individuals and businesses use the bank for deposits, loans and other banking services; it also serves associations, churches, nonprofits, financial institutions and government authorities. Deposits are gathered mainly through its branches in the communities it serves.
10-K for FY2023, filed Feb 15, 2024Our commercial and industrial lending portfolio contains loans with a variety of purposes and security, including loans to finance…View ↗
Our borrowers generally qualify and are underwritten using industry standards for quality residential mortgage loans. We do not originate…View ↗
We solicit deposit services from individuals, businesses, associations, churches, nonprofit organizations, financial institutions and…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 38 cents of every revenue dollar as net income in FY2023 and turned 38 cents into free cash flow.
How Were They Changing?
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Aug 1, 2024
Wintrust completed its merger with Macatawa
Macatawa shareholders received Wintrust shares, and Macatawa common stock was delisted from Nasdaq.
Sources
8-K, filed Aug 1, 2024
Effective August 1, 2024, pursuant to the Merger Agreement, Macatawa was merged with and into Merger Sub, with Merger Sub as the surviving…View ↗
Grew. Revenue grew 50% in 4 years, from $75.9M in FY2019 to $113.8M in FY2023, about 11% a year.
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