Macatawa Bank Corporation Public Offering Oversubscribed

Macatawa Bank Corporation MCBC today announced completion of its successful public offering of common stock. Macatawa Bank Corporation common stock is traded on The Nasdaq Global Select Market under the ticker symbol "MCBC." At 5:00 p.m., Eastern Time, on June 27, 2011, the Company's public offering of shares of common stock expired. The public offering was oversubscribed and, as permitted under the terms of the offering, the Company, in its discretion, allocated shares in the public offering among investors. In the public offering, shareholders and other investors purchased a total of 4,456,186 shares of the Company's common stock at a price of $2.30 per share, for an aggregate purchase price of approximately $10.25 million. In the Company's rights offering, completed on June 7, 2011, shareholders exercising their rights purchased a total of 4,456,186 shares of the Company's common stock at a price of $2.30 per share, for an aggregate purchase price of approximately $10.25 million. Combined, the Company sold an aggregate of 8,912,372 shares at a price of $2.30 per share, for an aggregate purchase price of approximately $20.50 million. The Company also converted its 2% Subordinated Note due 2018 in the aggregate principal amount of $1,000,000 into 491,830 shares of common stock in accordance with the terms of the note.