Mercantile Bank Corporation announced that its Board of Directors has authorized the renewal of its stock repurchase program. Under this program, Mercantile may repurchase up to $20 million in aggregate value of its shares of Common Stock.
“We are pleased to renew our stock repurchase program, which we believe is a valuable capital management tool to support shareholder value,” said Robert B. Kaminski, Jr., President and Chief Executive Officer. “This plan reflects our continued confidence in Mercantile’s financial condition and earnings performance prospects.”
The shares may be repurchased from time to time in open market transactions at prevailing market prices or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management in its discretion and will depend on a number of factors, including the market price of Mercantile’s stock; general market and economic conditions; Mercantile’s capital position, financial performance and alternative uses of capital; and applicable legal requirements. The program may be discontinued at any time.
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 $4.7 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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