| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Macatawa Bank Corporation |
| 51 E. Main Street, Zeeland, MI 49464 * (616) 748-9491 |
| The company is a bank holding company for the Macatawa Bank. The company is a full service bank offering a wide range of commercial and personal banking services. |
| Manager | Tier | Phone |
| Robert W. Baird & Company | Lead Manager | (414) 765-3632 |
| OTC: | MCBC | Financial: | SIC 6712 | |
| Type of Shares: | Common Shares | Filing Date: | 2/6/98 | |
| U.S. Shares: | 1,300,000 | Offer Date: | 4/1/98 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 1,300,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.70 | |
| Offering Amount: | $13,000,000 | Selling: | $0.42 | |
| Expenses: | $170,406 | Reallowance: | $0.10 | |
| Post-IPO Shares: | 2,240,125 |
| Issuer's Law Firm: | Varnum, Riddering, Schmidt & Howlett |
| Bank's Law Firm: | Barack, Farrazzano, Kirschbaum & Perlman |
Dollar amounts in U.S. millions except for per share data | |||||
| 2 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/97 | 2/28/98 | ||||
| Revenue: | $3.45 | Assets: | $10.72 | ||
| Net Income: | -$0.17 | Curr Assets: | |||
| EPS: | -$0.18 | Liabilities: | $2.75 | ||
| Prior EPS: | Curr Liab: | ||||
| Cash Flow/Oper: | -$0.25 | Equity: | $7.97 | ||
| Cash Flow/Fin: | $10.85 | Cash: | $7.42 | ||
| Cash Flow/Inv: | -$3.19 | ||||
| Competition |
| The Company and the Bank face strong competition for deposits, loans and other financial services from numerous Michigan and out-of-state banks, thrifts, credit unions and other financial institutions as well as other entities which provide financial services. Some of the financial institutions and financial services organizations with which the Bank will compete are not subject to the same degree of regulation as the Bank. Many of these financial institutions aggressively compete for business in the Bank's market area. Most of these competitors have been in business for many years, have established customer bases, are larger, have substantially higher lending limits than the Bank and will be able to offer certain services, including numerous branches and international banking services, that the Bank can offer only through correspondents. In addition, most of these entities have greater capital resources than the Bank, which, among other things, may allow them to price their services at levels more favorable to the customer and to provide larger credit facilities than could the Bank. The dominant competitor in the Company's market area is Huntington Bancshares Incorporated, headquartered in Columbus, Ohio, which acquired FMB in September 1997. Another significant competitor in the market area is First of America which recently agreed to be acquired by a large bank holding company headquartered in Cleveland, Ohio. Additionally, federal and Michigan legislation regarding interstate branching and banking may act to increase competition in the future from larger out-of-state banks. |
| Business Plan |
| The Company is a customer-driven financial institution focused on providing high value to clients by delivering products and services in a highly personalized manner. Management of the Company believes that the Bank can attract those clients who prefer to conduct business with a locally-managed institution that demonstrates an active interest in their business and personal financial affairs. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for future growth and for general corporate purposes. |