Macatawa Statutory Trust II issued $619,000 of common securities and $20.0 million aggregate liquidation amount of trust preferred securities with a floating interest rate of three-month LIBOR plus 2.75%, maturing on March 18, 2034. On July 7, 2021, the Company redeemed all of the $20.0 million of outstanding trust preferred securities and $619,000 of common securities associated with Macatawa Statutory Trust II.

At December 31, 2020, debentures totaling $20,619,000, are reported in liabilities as long-term debt, and the common securities of $619,000, and unamortized debt issuance costs are included in other assets. At December 31, 2020, the $20.0 million trust preferred securities issued by Macatawa Statutory Trust II qualified as Tier 1 capital for regulatory capital purposes.