HOLLAND, Mich., Feb. 10, 2009 (GLOBE NEWSWIRE) -- Macatawa Bank Corp. (Nasdaq:MCBC) today announced leadership changes at the board and executive level, including the resignation of Benj. A Smith III as Chairman and CEO. Smith will continue to serve as director of the holding company and the bank.
Robert E. DenHerder, currently a Director of the holding company and Macatawa Bank, has stepped into the role of chairman. Bank President Phillip J. Koning and Ronald L. Haan, Executive Vice President, will share the newly created post of Office of the Chief Executive. In this role, they will be responsible for providing strategic direction, ongoing leadership and day-to-day operational oversight of Macatawa Bank Corp.
Smith, who founded Macatawa Bank in 1997, will continue to serve his current term on the holding company and bank boards of directors. He will remain an employee of the bank, serving in an advisory role to support the management team.
Haan, who joined Macatawa in 2005, was also appointed to the Corporation's Board of Directors. Additionally, Haan will serve as Secretary-Treasurer of the Corporation.
"For the past decade, Ben has been the driving force behind the establishment of Macatawa as the community bank in West Michigan," DenHerder said. "Through his leadership and vision, he has built a thriving franchise that has truly changed the way banking is done in our community.
"In Phil, Ron and other leaders, Ben has assembled a management team who can now guide the bank through its next phase of growth. Ben's leadership during Macatawa's formative years has been critical to our success, providing the bank with a strong foundation on which to build. His contributions have been immeasurable."
Backed by more than 30 years of banking experience, Smith launched Macatawa Bank in November 1997 with the goal of providing superior financial products and excellent customer service to residents, businesses and organizations in West Michigan. From a single branch and 10 employees, Macatawa Bank has grown to 26 locations, more than 400 employees and more than $2.10 billion in assets.
In 2006, Smith duplicated his successful community banking model to Clearwater, Fla., where he established Florida Shores Bank. Florida Shores is a full-service commercial bank that has grown to four locations, with two more expected to open in the first half of this year.
"As a significant shareholder of Macatawa, I am -- and will -- remain its single biggest supporter," Smith said. "In recent years, I have divided my time between the operations in West Michigan and South Florida.
"As a mature operation, Macatawa has a good board and management team that I believe will enable it to weather the challenges that all financial institutions now face. The time has come for me to focus more closely on the Florida group to develop their talents and resources.
