Macatawa in Michigan Freed from Regulatory Order

The Federal Deposit Insurance Corp. has lifted a regulatory order from Macatawa Bank (MCBC) in Holland, Mich.

The FDIC and the Michigan Department of Insurance and Financial Services terminated a March 2012 memorandum of understanding with the bank on April 12, Macatawa disclosed in a regulatory filing Thursday.

The $1.6 billion-asset bank is no longer under any regulatory action, it said. The Federal Reserve Board lifted an enforcement action against the bank last October. The memorandum of understanding with the FDIC had replaced a consent order, lifted last year, requiring Macatawa to raise capital, hire new management and reduce bad assets.

Macatawa had a Tier 1 leverage ratio of 10.28% and a total risk-based capital ratio of 14.59% at Dec. 31, according to FDIC data.