Macatawa Bank (MCBC) in Holland, Mich., has exchanged all of its outstanding preferred stock for common stock and cash to simplify its capital structure and direct dividends to investors.

The $1.6 billion-asset company said in a Monday press release that it exchanged each share of preferred stock for common stock at an above-market price of $5.25 each. Shareholders also had the option of receiving one-time cash payments equal to 5% and 4.5% dividend rates, respectively, for preferred A and preferred B shares.

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