GRAND RAPIDS, Mich.,
Oct. 16, 2018 /PRNewswire/
-- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile")
announced today that on October 11,
2018, its Board of Directors declared a regular quarterly
cash dividend of $0.25 per common
share and a special cash dividend of $0.75 per common share, for a total cash dividend
of $1.00 per common share, payable on
December 19, 2018 to holders of
record as of December 7, 2018.
The $0.25 regular cash dividend,
which results in a current annual yield of about 3.1 percent,
represents an increase of approximately 4 percent from the
$0.24 regular cash dividend paid
during the third quarter of 2018.
"We are very pleased that our strong capital position and
operating performance allowed us to declare an increased regular
quarterly cash dividend and a special cash dividend, signifying our
continuing commitment to provide a meaningful cash return to our
shareholders," said Robert B. Kaminski,
Jr., President and Chief Executive Officer of
Mercantile. "Our sustained financial strength has put us in a
position to meet growth goals and support an ongoing cash dividend
program, and the cash dividends announced today express the
confidence of our Board of Directors and executive management team
in Mercantile's future."
About Mercantile Bank Corporation
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 $3.3 billion and operates 47 banking
offices. Mercantile Bank Corporation's common stock is listed
on the NASDAQ Global Select Market under the symbol "MBWM."
Forward-Looking Statements
This news release contains
comments or information that constitute forward-looking statements
(within the meaning of the Private Securities Litigation Reform Act
of 1995) that are based on current expectations that involve a
number of risks and uncertainties. Actual results may differ
materially from the results expressed in forward-looking
statements. Factors that might cause such a difference include
changes in interest rates and interest rate relationships; demand
for products and services; the degree of competition by traditional
and nontraditional competitors; changes in banking regulation or
actions by bank regulators; changes in tax laws; changes in prices,
levies, and assessments; the impact of technological advances;
governmental and regulatory policy changes; the outcomes of
contingencies; trends in customer behavior as well as their ability
to repay loans; changes in local real estate values; changes in the
national and local economies; and other factors, including risk
factors, disclosed from time to time in filings made by Mercantile
with the Securities and Exchange Commission. Mercantile undertakes
no obligation to update or clarify forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE Mercantile Bank Corporation