MACATAWA BANK CORPORATION
10753 Macatawa Drive
Holland, MI 49424
NEWS RELEASE
NASDAQ GLOBAL SELECT
MARKET:
MCBC
FOR RELEASE:
Immediate
DATE:
May 9, 2008
Contact:
Jon Swets, CFO
616.494.7645
On April 3, 2008, Robert E. DenHerder, John Koetje, and Arend Lubbers, each a member of the Board of Directors of Macatawa Bank Corporation (the Company), were appointed to serve as the sole members of the Audit Committee of the Companys Board of Directors. The Board of Directors of the Company also determined that each of these appointees to the Audit Committee is independent under applicable Nasdaq and SEC rules.
On May 6, 2008, the Company received a Nasdaq Staff Deficiency Letter stating that prior to the April 3, 2008 appointments to the Audit Committee, the Company did not comply with Nasdaqs audit committee requirements as set forth in Marketplace Rule 4350(d)(2) and IM-4350-4 (the Nasdaq Rules). Macatawas Audit Committee had included one independent member of the holding company board of directors and four independent directors from Macatawa Banks board of directors. The Nasdaq Rules require the Audit Committee to include at least three independent members of the holding companys board of directors. In its May 6, 2008 letter, the Nasdaq staff also determined that the Company regained compliance with the Nasdaq Rules on April 3 when the Company appointed three independent holding company directors to the Audit Committee. The only condition placed on the Nasdaq staffs determination that the Company has regained compliance is to satisfy the disclosure requirements of Marketplace Rule 4803(a), which is accomplished by this press release.