OverviewSuggest Edit

Mercantile Bank operates as the bank holding company for Mercantile Bank of Michigan that provides commercial banking services for small- to medium-sized businesses and individuals. It accepts various deposit products, including checking, savings and term certificate accounts, time deposits, certificates of deposit, as well as repurchase agreements. The Company also offers commercial and industrial loans, vacant land, land development, residential construction loans, owner occupied real estate, non-owner occupied real estate, multi-family and residential rental property loans, single-family residential real estate loans, home equity line of credit programs, and consumer loans, such as loans for new and used automobiles, boats and credit cards, as well as overdraft protection for its checking account customers.

TypePublic
Founded1997
HQGrand Rapids, US
Websitemercbank.com
Employee Ratings3.9

Locations

Mercantile Bank is headquartered in
Grand Rapids, United States

Location Map

Latest Updates

Employees (est.) (Dec 2019)570(-2%)
Job Openings17
Revenue (FY, 2019)$27 M(+42%)
Share Price (Oct 2020)$20.3 (-1%)
Cybersecurity ratingAMore

Key People/Management at Mercantile Bank

Charles E. Christmas

Charles E. Christmas

Executive Vice President, Chief Financial Officer and Treasurer
Mark Augustyn

Mark Augustyn

Chief Lending Officer
Alan Bruder

Alan Bruder

Vice President, Commercial Lender
Raymond E. Reitsma

Raymond E. Reitsma

President
Marcus Brussee

Marcus Brussee

Vice President, Commercial Lender
Robert T. Worthington

Robert T. Worthington

Senior Vice President, Chief Operating Officer, General Counsel and Secretary
Show more

Mercantile Bank Office Locations

Mercantile Bank has an office in Grand Rapids
Grand Rapids, US (HQ)
310 Leonard St NW
Show all (1)

Mercantile Bank Financials and Metrics

Mercantile Bank Revenue

Mercantile Bank's revenue was reported to be $26.96 m in FY, 2019
USD

Revenue (Q2, 2020)

11.0m

Net income (Q2, 2020)

8.7m

Market capitalization (14-Oct-2020)

328.7m

Closing stock price (14-Oct-2020)

20.3

Cash (30-Jun-2020)

84.5m
Mercantile Bank's current market capitalization is $328.7 m.
Annual
USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Revenue

7.3m8.0m6.9m10.0m16.0m21.0m19.0m19.0m27.0m

Revenue growth, %

53%26%5%

Sales and marketing expense

747.0k1.2m1.1m1.3m1.4m1.6m1.6m1.6m1.4m

R&D expense

2.7m3.2m3.4m5.9m7.7m7.9m8.2m8.6m9.2m
Quarterly
USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020

Revenue

1.7m1.8m1.9m1.9m1.8m1.8m1.7m1.5m2.3m2.9m3.7m4.0m4.3m7.1m4.1m5.3m5.9m4.0m4.6m4.4m4.6m4.7m6.6m6.3m6.7m6.6m11.0m

R&D expense

1.8m1.9m2.0m2.0m2.0m2.0m2.0m2.1m2.1m2.1m2.1m2.2m2.2m2.3m2.3m2.5m2.6m

Operating expense total

2.4m2.1m2.4m2.4m2.4m2.5m2.5m2.5m4.1m6.2m6.5m6.7m6.5m6.4m6.0m6.1m6.2m6.6m6.2m6.5m6.4m6.4m6.4m6.6m6.0m6.6m6.4m

Depreciation and amortization

900.0k
USDQ2, 2011

Financial Leverage

11.7 x
Show all financial metrics

Mercantile Bank Operating Metrics

Mercantile Bank's Total Loans was reported to be $2.5b in Q2, 2017.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

ATMs

53 48 49

Bank Branches

53 48 49

Non-performing Loans

$29.43 m$26.27 m$8.10 m$8.21 m$5.44 m$4.84 m$5.17 m$4.67 m$5.94 m$7.29 m$6.45 m

Total Loans

$2.09 b$2.12 b$2.17 b$2.22 b$2.28 b$2.30 b$2.38 b$2.41 b$2.38 b$2.44 b$2.53 b
Show all operating metrics

Mercantile Bank Cybersecurity Score

Cybersecurity ratingPremium dataset

A

95/100

SecurityScorecard logo

Mercantile Bank Online and Social Media Presence

Embed Graph

Mercantile Bank News and Updates

Mercantile Bank Corporation Reports Second Quarter 2020 Results

GRAND RAPIDS, Mich., July 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $8.7 million, or $0.54 per diluted share, for the second quarter of 2020, compared with net income of $11.7 million, or $0.71 per diluted share, for the...

Mercantile Bank Corporation Declares Regular Cash Dividend

GRAND RAPIDS, Mich., July 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on July 16, 2020, its Board of Directors declared a regular quarterly cash dividend of $0.28 per common share, payable on September 16, 2020, to holders of...

Mercantile Bank Corporation Announces Strong Fourth Quarter and Full Year 2019 Results

GRAND RAPIDS, Mich., Jan. 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $13.3 million, or $0.81 per diluted share, for the fourth quarter of 2019, compared with net income of $11.6 million, or $0.70 per diluted share, for the...

Mercantile Bank Corporation Reports Strong Third Quarter 2019 Results

GRAND RAPIDS, Mich., Oct. 15, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $12.6 million, or $0.77 per diluted share, for the third quarter of 2019, compared with net income of $10.1 million, or $0.61 per diluted share, for the...

San Juan Mercantile Bank & Trust International Commences Banking Operations in Support of Digital Asset Trading

SAN JUAN, Puerto Rico, April 1, 2019 /PRNewswire/ -- The San Juan Mercantile Bank & Trust International (SJMBT) announced today that it has received its first client deposit and commenced operations, following the bank's receipt last month of its license to operate from Puerto Rico's...

International Financial Entity License Granted for Digital Asset Custodian San Juan Mercantile Bank & Trust

SAN JUAN, Puerto Rico, March 12, 2019 /PRNewswire/ -- The San Juan Mercantile Exchange, Inc. (SJMX) and the San Juan Mercantile Bank & Trust International Corp. (SJMBT) today announced that SJMBT has received its license to operate from the Puerto Rico Office of the Commission of...
Show more

Mercantile Bank Frequently Asked Questions

  • When was Mercantile Bank founded?

    Mercantile Bank was founded in 1997.

  • Who are Mercantile Bank key executives?

    Mercantile Bank's key executives are Charles E. Christmas, Mark Augustyn and Alan Bruder.

  • How many employees does Mercantile Bank have?

    Mercantile Bank has 570 employees.

  • What is Mercantile Bank revenue?

    Latest Mercantile Bank annual revenue is $27 m.

  • What is Mercantile Bank revenue per employee?

    Latest Mercantile Bank revenue per employee is $47.3 k.

  • Who are Mercantile Bank competitors?

    Competitors of Mercantile Bank include Chemical Bank, First Guaranty Bancshares and Ameris Bancorp.

  • Where is Mercantile Bank headquarters?

    Mercantile Bank headquarters is located at 310 Leonard St NW, Grand Rapids.

  • Where are Mercantile Bank offices?

    Mercantile Bank has an office in Grand Rapids.

  • How many offices does Mercantile Bank have?

    Mercantile Bank has 1 office.