Americas

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 $2 billion-asset company is moving the headquarters of its mortgage banking and wealth management businesses to the Greater Richmond area, according to a Friday press release.

Kevin Miller resigned on Friday, effective immediately, the $839 million-asset company said in a regulatory filing.

Severn Bancorp (SVBI) in Annapolis, Md., will take a $4 million pretax charge in the fourth quarter after selling troubled loans.

CNB Financial (CCNE) in Clearfield, Pa., plans to sell up to $75 million in preferred and common stock.

Investors Bancorp (ISBC) in Short Hills, N.J., is set to complete its purchase of Gateway Community Financial in Sewell, N.J., next week.

Mackinac Financial (MFNC) in Manistique, Mich., has completed the redemption of stock originally issued to the Treasury Department under the Troubled Asset Relief Program.

J. Thomas May still believes community banks can thrive but executives must find new ways to engage customers, control costs and build scale.

Pathfinder Bancorp (PBHC) in Oswego, N.Y., has named longtime director Chris Burritt as its chairman.

Forget Times Square and champagne toasts. For the chief executive of American Savings Bank in Portsmouth, Ohio, New Year's Eve was all about courting business.