HOLLAND — Macatawa Bank Corp. grew earnings by nearly 20 percent in the second quarter, maintaining the company’s strong financial performance.

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Macatawa Bank Corp. recorded strong earnings growth for the first three months of 2019.

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Macatawa Bank Corp. nearly tripled earnings for the fourth quarter.

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Macatawa Bank Corp. grew earnings more than 40 percent in the third quarter.

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Macatawa Bank Corp. credits higher net interest income, federal tax reform and cost control for a 17.5 percent increase in earnings for the second quarter.

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Despite strong business optimism and continued economic expansion, bankers say they still see their West Michigan business clients taking a cautious approach to debt.

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A lower federal corporate tax rate contributed to higher earnings for West Michigan community banks that reported quarterly results this week.

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Sunday, 04 March 2018 18:52

MiBiz Growth Report: March 5, 2018

Here is the MiBiz Growth Report for March 5, 2018:

• M&A: After nearly doubling the business over the last two and a half years, the private equity owners of Action Fabricators Inc. decided the market timing was right to find a partner to take the company to the next level. Last week, Chattanooga, Tenn.-based River Associates Investments LLC announced it had sold the Grand Rapids-based manufacturer of adhesive-backed products for the automotive and medical device industry to Boyd Corp. of Modesto, Calif. Terms of the deal were not disclosed. Action Fabricators grew revenues from around $45 million in 2015 to nearly $80 million at the time of the sale. President and CEO Jon Rudolph and the rest of the management team will stay on with the new owners. Boyd is a portfolio company of San Francisco-based Genstar Capital. Milwaukee, Wis.-based Robert W. Baird & Co. represented Action Fabricators in the deal.

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Macatawa Bank Corp. recorded higher earnings for 2017, despite a decline in net income for the fourth quarter from having to revalue a deferred tax asset after federal tax reform late in the year.

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While inventory remains constrained, the value of commercial real estate transactions continues to gather momentum in West Michigan.

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