Macatawa Bank Corp. in Holland, Mich., is asking its shareholders to approve a hefty increase in the number of authorized shares of common stock.

The $1.58 billion-asset company set a special meeting for March 25, where shareholders will vote on raising authorized common shares to 200 million.

Currently, Macatawa has 40 million authorized shares, according to a Thursday regulatory filing.

At Feb. 23, the company had about 17.7 million shares outstanding.

The filing did not say why Macatawa wants the increase and a call to the company was not immediately returned.

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