Company Profile
- Mercantile Bank Corporation (NASDAQ: MBWM) (“Mercantile” or “the company”) is the holding company for principal subsidiary, Mercantile Bank, which operates 43 locations primarily throughout Michigan. Headquartered in Grand Rapids, MBWM reflects its strongest deposit share in this core market (#6 position), also ranking among the top ten statewide.
- Founded in 1997, MBWM has reflected favorable organic growth and gained meaningful scale through its 2014 merger of equals with $1.5 billion-asset Firstbank Corporation. Prospectively, MBWM is likely to remain organically focused, anticipating market share gains stemming, in part, from banker additions. Management also believes that the company is well positioned to take advantage of recent disruption in its footprint created by sizable M&A transactions.
- Mercantile remains a commercial-oriented lender, with C&I (including owner-occupied CRE) and investor CRE accounting for 67% of total loans.…