GRAND RAPIDS, Mich.,
May 7, 2019 /PRNewswire/
-- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile")
announced today that its Board of Directors has authorized a new
stock repurchase program. Under this program, Mercantile may
repurchase up to $20 million in
aggregate value of its shares of common stock.
"In conjunction with the anticipated completion of our current
stock repurchase plan, and in consultation with our Board of
Directors, we believe it is an important aspect of our capital
management and planning process to have a stock repurchase plan in
place with sufficient capacity," said Robert B. Kaminski, Jr., President and Chief
Executive Officer of Mercantile. "We plan to implement the program
at such time and price as repurchases are considered beneficial to
the company and our stockholders."
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.
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 $3.5 billion and
operates 46 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.
FOR FURTHER
INFORMATION:
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AT MERCANTILE BANK
CORPORATION:
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Robert B. Kaminski, Jr.
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Charles
Christmas
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President
& CEO
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Executive Vice
President & CFO
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616-726-1502
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616-726-1202
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rkaminski@mercbank.com
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cchristmas@mercbank.com
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SOURCE Mercantile Bank Corporation