61.63
+1.75%
Close of 9 Nov 2026, in USD
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About Mercantile Bank
From its filings with the US Securities and Exchange Commission
Mercantile Bank is based in Grand Rapids, Michigan and is incorporated in Michigan. Its shares trade on Nasdaq under the ticker MBWM. The SEC classifies its business as state commercial banks. In the fiscal year to 31 December 2025, it reported net income of $88.8m. At that date it held total assets of $6.84bn and shareholders' equity of $724.9m.
Mercantile Bank Corporation is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”). Unless the text clearly suggests otherwise, references to “us,” “we,” “our,” or “the company” include Mercantile Bank Corporation and its wholly owned subsidiaries. As a bank holding company, we are subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). We were organized on July 15, 1997, under the laws of the State of Michigan, primarily for the purpose of holding all of the stock of Mercantile Bank, and of such other subsidiaries as we may acquire or establish. Mercantile Bank commenced business on December 15, 1997. During the third quarter of 2013, we filed an election to become a financial holding company, which election became effective April 14, 2014. Mercantile Insurance Center, Inc. (“our insurance company”), a subsidiary of Mercantile Bank, commenced operations during 2002 to offer insurance products. Mercantile Community Partners ("MCP"), our subsidiary, began operations during 2023 to invest in community development tax credit investments. On July 22, 2025, we entered into a merger agreement with Eastern Michigan Financial Corporation, the bank holding company for Eastern Michigan Bank. Eastern Michigan Financial Corporation shareholders had the right to receive 0.7116 shares of Mercantile Bank Corporation stock and $32.32 in exchange for each share of Eastern Michigan Financial Corporation stock they owned.
Quoted from its 10-K, filed 27 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Financials
- Industry
- Banks
- Listed since
- 29 Jul 1998
- Employees
- 744
- Head office
- 310 LEONARD STREET NW, GRAND RAPIDS, MI, 49504
- Incorporated in
- MI
- Classification
- State Commercial Banks
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Mr. Michael PriceIndependent Chairman of the Board of the Mercantile and Bank, since 1997$106,126
- Mr. Raymond ReitsmaPresident, Chief Executive Officer, Director, since 2017$1.2m
- Mr. Charles ChristmasChief Financial Officer, Executive Vice President and Treasurer of Mercantile; Executive Vice President and Chief Financial Officer of the Bank$676,827
- Mr. Scott SetlockChief Operating Officer, Executive Vice President, Secretary of Mercantile and of the Bank$514,760
- Mr. Brett HooverExecutive Vice President, Chief Human Resource Officer of Mercantile and the Bank$415,553
- Mr. Mark AugustynExecutive Vice President, Chief Commercial Banking Officer of the Bank$653,979
- Ms. Tara RandallExecutive Vice President, Chief Experience Officer of the Bank
- Mr. Michael DavenportIndependent Director$74,243
- Ms. Michelle EldridgeIndependent Director$80,443
- Mr. Joseph JonesIndependent Director
- Mr. Richard MacdonaldIndependent Director
- Mr. David RamakerIndependent Director$78,571
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 71
- Environment
- 61
- Social
- 84
- Governance
- 68
- Women in the workforce
- 65.8%
- Carbon reduction policy
- Yes
- Human rights policy
- Yes
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- Mercantile Bank Corp has a strong presence in the local market, with a wide range of banking products and services. The bank has a solid customer base and a reputation for providing excellent customer service. Additionally, the bank has a robust capital base, which allows for investment in new technologies and expansion opportunities.
Weaknesses
- One of the weaknesses of Mercantile Bank Corp is its limited geographical reach. The bank operates primarily in specific regions, which can limit its growth potential compared to larger national or international banks. Moreover, the bank may face challenges in keeping up with technological advancements, which could impact its competitiveness in the digital banking era.
Opportunities
- Mercantile Bank Corp has several potential opportunities to explore. Firstly, it can consider expanding its operations into new geographic areas, enabling it to tap into untapped markets and reach a wider customer base. Secondly, the bank can leverage digital banking technologies to enhance convenience, attract tech-savvy customers, and streamline operations. Lastly, there may be opportunities for strategic partnerships or acquisitions to strengthen its market position and diversify its offerings.
Threats
- Like any other bank, Mercantile Bank Corp faces certain threats. Increasing competition from other banks and non-traditional financial institutions poses a challenge to its market share. The evolving regulatory landscape can also introduce compliance challenges and additional costs. Economic downturns or financial crises could impact the bank's profitability and asset quality. Finally, technological advancements may lead to the emergence of disruptive fintech companies, posing a threat to traditional banking models.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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