A two-year-old consent order between the banking unit of Macatawa Bank Corp. and regulators has been terminated after the Holland, Mich., company raised additional capital and reversed a string of money-losing quarters.
The consent order with the Federal Deposit Insurance Corp. and the Michigan Office of Financial and Insurance Regulation from February 2010 required Macatawa Bank to hire qualified management, raise capital and develop a plan to reduce its delinquencies and classified assets.
The $1.5 billion-asset Macatawa said Monday that it implemented more conservative lending policies and additional corporate governance practices to meet the order's requirements. It also
The company raised $20.3 million in a
Macatawa reported in early February that it earned $5.8 million for 2011, compared with a loss of $17.9 million in 2010. It attributed the improved earnings lowering to a decline in delinquencies and the fact that it recorded no provision for loan losses in the fourth quarter.