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Mercantile Bank Corporation Increases Regular Cash Dividend

Mercantile Bank Corporation Increases Regular Cash Dividend
Board declares $0.31 regular quarterly cash dividend on common stock resulting in a current annual yield of approximately 3.3 percent

Mercantile Bank Corporation (“Mercantile”) announced that on January 13, 2022, its Board of Directors declared a regular quarterly cash dividend of $0.31 per common share, payable on March 16, 2022, to holders of record as of March 4, 2022.

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The $0.31 cash dividend represents an increase of over 3 percent from the $0.30 regular cash dividend paid during the fourth quarter of 2021.

“We are very pleased that our strong financial standing prior to and during the ongoing COVID-19 pandemic has enabled us to continue our regular cash dividend program and provide shareholders with competitive dividend yields,” said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.

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“In addition to allowing for the continued payment of cash dividends, our sustained financial strength provided ample support for the tremendous growth in our loan portfolio during 2021.  We will continue to diligently monitor the possible impacts of the pandemic and associated economic conditions on our financial position and evaluate and adjust future cash dividend payments as believed necessary to ensure our capital levels remain sufficient to meet capital management objectives.”

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan.  Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff.  Mercantile has assets of approximately $5.2 billion and operates 44 banking offices.  Mercantile Bank Corporation’s common stock is listed on the NASDAQ Global Select Market under the symbol “MBWM.”

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