Macatawa Bank Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEPOSITS

DEPOSITS

9 Months Ended

Sep. 30, 2011

DEPOSITS [Abstract]

DEPOSITS

NOTE 6 – DEPOSITS

Deposits are summarized as follows (in thousands):

	September 30, 2011		December 31, 2010
Noninterest-bearing demand	$	319,491	$	255,897
Interest bearing demand		194,041		216,827
Savings and money market accounts		352,840		355,657
Certificates of deposit		334,186		448,239
	$	1,200,558	$	1,276,620

Approximately $121.2 million and $192.7 million in certificates of deposit were in denominations of $100,000 or more at September 30, 2011 and December 31, 2010, respectively.

Brokered deposits totaled approximately $3.7 million and $48.2 million at September 30, 2011 and December 31, 2010, respectively. At September 30, 2011, the remaining brokered deposits balance had an interest rate of 4.55% and will all mature in the fourth quarter of 2011. At December 31, 2010, brokered deposits had interest rates ranging from 3.75% to 4.55%, respectively.

Additional information about restrictions on the Bank's deposit gathering activities may be found in Note 1 under the heading "Regulatory Developments."

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References + Details